News item: �California to Sell 24 Government Buildings for $2.3 Billion� (AP, October 12, 2010). As a way of helping plug the State of California�s now-chronic budget deficit, this headline is welcome news. Among the state-owned properties on the auction block are LA�s Ronald Reagan State Building and San Francisco�s Civic Center. I have…
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In a new article in the Financial Times, Nicole Bullock reports that a huge pension deficit of more than half a trillion dollars for 50 U.S. cities may produce calls for a massive federal bailout: “Big US cities could be squeezed by unfunded public pensions as they and counties face a $574 billion funding…
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