Saturday, June 8, 2013

Not sure what to say...two great Enquirer articles in one day

As we rail agains the lack of accountability in the Cincinnati media, in one day we are shocked with not one but two articles hammering Cincinnati City Council on their fiscal problems.  Now this is the kind of accountability that can establish the Enquirer as a journalistic presence in Cincinnati and maybe sell some papers in the process!

Read here how the Enquirer, here, now skewers the continuing problems with the Cincinnati pension system that the Council just blithely ignores, as if somehow it is going to solve itself.

In reality, insolvency for the pension is after all of them are term limited, so the pensioners, current employees and the taxpayers be damned.

From the article:
Cincinnati’s pension and retiree health care systems require an $85.5 million contribution next year, 53 percent of total payroll and dramatically more than the city says it can afford.
Consultants to the system will tell Council members Monday that unfunded liability for the system has jumped 22 percent to $870 million during the last year alone.
We suppose the Council can try to shrug off past deficits as being not their problem, but continuing to under-fund their already underwater pension plan?  Really?

To suggest Cincinnati is not headed to bankruptcy, or a massive ta hike, is Pollyanna-ish.  We are headed for insolvency.

No comments:

Post a Comment

We follow the "living room" rule. Exhibit the same courtesy you would show guests in your home.