The mayor of Dallas uses the word “bankruptcy,” and the New York Times and Wall Street Journal swoop in to report on the city’s imminent doom.
The mayor of Houston holds a press conference to declare the pension problem solved, and folks just go along with it.
The truth is that the two cities are in equally dreadful trouble, headed for bankruptcy, as are Fort Worth and El Paso, thanks to delusional forecasting, ludicrous system design, and meddlesome union-funded lawmakers from across the state who’ve stripped big-city voters of their right to govern their own finances.
How mismanaged are these city’s pensions?
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