Dallas on Verge of Bankruptcy Due to Pensions; Just a Matter of Time (For Dallas, Houston, LA, Oakland, Chicago, etc), by Mike Mish Shedlock

Dallas will follow Stockton, San Bernardino, and Detroit, into bankruptcy, and precede and precede of other American cities. From Mike Mish Shedlock at mishtalk.com:

Dallas is on the verge of bankruptcy due to untenable pension problems.

The Dallas police and fire plan is only 45% funded. Lump sum withdrawals have escalated, and it’s only a matter of time before such withdrawals are halted.

The fund needs a billion dollars in funding this year, the equivalent of the entire city budget, just to keep up with outflows.

Bankruptcy is inevitable. No one should be surprised.

Please consider Dallas Stares Down a Texas-Size Threat of Bankruptcy.

Picture the next major American city to go bankrupt. What springs to mind? Probably not the swagger and sprawl of Dallas.

But there was Dallas’s mayor, Michael S. Rawlings, testifying this month to a state oversight board that his city appeared to be “walking into the fan blades” of municipal bankruptcy….

To continue reading: Dallas on Verge of Bankruptcy Due to Pensions; Just a Matter of Time (For Dallas, Houston, LA, Oakland, Chicago, etc)