In today’s Chronicle, Bill King continues his discussion of public pension woes. This time, King explains that the City of Houston’s pension problems are much worse than a review of the various pensions’ outdated financial reports would suggest. Here’s the startling punch line:
[T]he total bond debt the city has accumulated in the course of its entire history for everything we have built, such as streets, water plants, airports, libraries, police and fire stations and parks, is only about $12 billion. In less than a generation, we will have run up half the debt on pension obligations it took our forefathers to incur in 175 years of building this city.
Be sure to read the whole thing. Also, this editorial from yesterday’s Wall Street Journal is relevant. And be sure to check out King’s previous op-eds via the links below.