{"id":40073,"date":"2018-11-02T08:11:44","date_gmt":"2018-11-02T13:11:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40073"},"modified":"2018-11-02T08:11:44","modified_gmt":"2018-11-02T13:11:44","slug":"new-york-city-joins-the-imminent-bankruptcy-club","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40073","title":{"rendered":"New York City Joins The \u201cImminent Bankruptcy\u201d Club"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/www.dollarcollapse.com\/new-york-city-imminent-bankruptcy\/\">New York City Joins The \u201cImminent Bankruptcy\u201d Club<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p>The \u201c<a href=\"https:\/\/www.dollarcollapse.com\/public-sector-pensions-devour-host\/\" target=\"_blank\" rel=\"noopener\">public pension crisis<\/a>\u201d is the kind of subject that\u2019s easy to over-analyze, in part because there are so many different examples of bad behavior out there and in part because the aggregate damage these entities will do when they start blowing up is immense.<\/p>\n<p>But most people see pensions as essentially an accounting issue \u2013 and therefore boring \u2013 so it doesn\u2019t pay to go back to this particular well too often. Still, New York City\u2019s missing $100 billion can\u2019t be ignored:<\/p>\n<blockquote><p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-11-01\/new-york-city-owes-over-100-billion-for-retiree-health-care\" target=\"_blank\" rel=\"noopener\"><strong>New York City Owes Over $100 Billion for Retiree Health Care<\/strong><\/a><\/p>\n<p>(Bloomberg) \u2013 New York City faces future health costs for its retired workers of $103.2 billion, an increase of $40 billion over a decade. It has about $5 billion set aside to pay the bill.<\/p>\n<p>The so-called \u201cother post-employment benefits\u201d liability was disclosed in New York\u2019s comprehensive annual financial report released by the city comptroller\u2019s office Wednesday. The city\u2019s $98 billion unfunded liability for retiree health care exceeds the city\u2019s $93 billion of bond debt and $48 billion pension-fund shortfall.<\/p>\n<p>\u201cThe numbers are huge,\u201d said Maria Doulis, a vice president at the Citizens Budget Commission, a budget watchdog group funded by the business community. \u201cIf you\u2019re looking at the big three liabilities, this is the one that\u2019s problematic, because there\u2019s nothing set aside to address this and there\u2019s absolutely no strategy on the part of the city.\u201d<\/p>\n<p>New York, the most populous U.S. city, has almost 300,000 current employees and is responsible for more than 230,000 retirees and their beneficiaries. City employees with 10 years of service qualify for free retiree health care.<\/p>\n<p>The city\u2019s post-employment benefits include health insurance, Medicare Part B reimbursements, and welfare fund contributions. Medicare Part B covers doctors\u2019 services that are received from a federally approved facility or a medical practice. Welfare funds are administered by unions and provide supplemental benefits such as prescription drug, vision and dental coverage.<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>New York City Joins The \u201cImminent Bankruptcy\u201d Club The \u201cpublic pension crisis\u201d is the kind of subject that\u2019s easy to over-analyze, in part because there are so many different examples of bad behavior out there and in part because the aggregate damage these entities will do when they start blowing up is immense. But most [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1361,213,7544,568,22753,7383,22754],"class_list":["post-40073","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bankruptcy","tag-dollar-collapse","tag-john-rubino","tag-new-york-city","tag-public-pension-crisis","tag-public-pensions","tag-retiree-health-care"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40073"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40073\/revisions"}],"predecessor-version":[{"id":40074,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40073\/revisions\/40074"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}