It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God. ~Mark 10:25

Phoenix Rejects Fiscal Sanity

Posted: 2014-11-13

11-10-14 Arizona Republic

 

Why do our cities insist upon committing fiscal suicide time and time again?

 

"Phoenix voters turned down an opportunity to reform the city's pension system and squandered an opportunity to shore up the city's finances, said a municipal credit-rating agency in a post-election update.

"The vote is a credit negative for the city," which is grappling with a $4.4 billion adjusted net pension liability, said Moody's Investors Service. Phoenix has the sixth-highest adjusted pension shortfall relative to revenues among 50 large cities tracked by Moody's."

 

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