Citizens Launch Petition to Fix Cincinnati’s Pension Problem

As Detroit was declaring bankruptcy, in no small part due to unsustainable pensions, Cincinnati’s bond rating was downgraded by Moody’s Investor Service last week “under a new formula that takes into account cities’ pension responsibilities.”

Photo courtesy of TripAdvisor“The city of Cincinnati, as of the end of 2011, owed $728 million more in pension costs than it has paid for,” warned a Cincinnati Enquirer editorial earlier this year. “That’s more than twice as much as the city takes in each year in income taxes.”

Yet, something else happened last week – not a bankruptcy or a downgrade, but something good. Continue reading

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