Friday, August 6, 2010

Good Grief, Cincinnati is bankrupt!

Nick Gillespie from Reason TV reports:
Cincinnati Enquirer's account:
Without substantive changes, the $2 billion system could see a projected $1 billion long-term shortfall balloon to $1.5 billion within five years....
Even if the plan achieves what many see as wildly optimistic investment returns, it still could lose up to $30 million a year. Not recommendations that, to avert those doomsday scenarios, City Hall might be asked to come up with an immediate cash infusion of as much as $439 million or nearly double its annual payments.

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