By Andy Castillo, includes “The pension gap is a driving up overall debt held by cities across the nation. … ‘At the end of the fiscal year 2019, 62 cities did not have enough money to pay all their bills. This means that to balance the budget, elected officials did not include the true costs of the government in their budget calculations and have pushed costs onto future taxpayers,’ notes a recent study on city budgets from Truth in Accounting … One tactic historically leveraged by some governments to try and reduce the gap—or push line items on to future budgets—is to issue Pension Obligation Bonds (POB) …”
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