Response to “3 Huge Cities Flirting with Bankruptcy”
On March 3, 2014, MSN Money released an article by Traders Reserve titled, “3 Huge Cities Flirting with Bankruptcy”. Los Angeles was named as one of the three. Since the economic downturn in 2008, the City has taken the necessary steps – negotiated pension and healthcare costs, reduced its civilian workforce, increased revenues – to improve its financial position. According to a January 2013 study completed by the Pew Research Center, LAFPP is amongst the highest funded public pension systems in the country. For additional information please see our article on Detroit’s Bankruptcy Filing.