The state of Philadelphia’s pension system is dire and Ron Dubow, the city’s Director of Finance, is sounding the alarm. CNBC reports:
In his interview, Dubow notes that pension payouts have grown from 5 to 16 percent of the city budget, taking away money from providing key services (“it really means less of everything,” he said). This is a crisis hitting cities across the country as bills racked up come due. How American cities dig themselves out of this multi-trillion dollar disaster will be one of the great questions of our time.