For where two or three are gathered together in my name, there am I in the midst of them. ~Matthew 18:20

Phoenix Becoming Detroit 2.0

Posted: 2015-03-22

EVNN 3-22-15

 

We are witnessing a repeat of history. Phoenix is making the exact same mistakes as Detroit made: infinite kickbacks for government cronies and employees leading to the bankruptcy of the city. All the while, the media, unions and political activivists terroize anyone who even suggests there might be a problem with over spending.

            But, who cares?

"If Phoenix's bill for the police and fire pension system were payments on a mortgage, the city is looking to take out a larger loan just so it can afford its skyrocketing payments today.

That scenario is playing out as City Manager Ed Zuercher pushes a budget plan that would require the city to increase taxpayers' long-term pension debt for public-safety workers in order to avert a roughly $30 million deficit in the next fiscal year.

Phoenix and other cities face extra large pension bills from the Arizona Public Safety Personnel Retirement System this year because of a state Supreme Court decision that shot down a law that cut costs for the system.

Zuercher's proposed budget released Thursday aims to delay the fiscal pain, opting to phase a $37 million pension increase over the next three years. But the move would grow the city's unfunded pension liability and increase its costs by $68.8 million over the next 22 years."

 

Read More:

http://www.azcentral.com/story/news/local/phoenix/2015/03/20/phoenix-budget-sidesteps-soaring-pension-costs/25113937/

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Phoenix Article Summary
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