“Most of the 50 local governments with the largest pension debt have worker retirement liabilities that are greater than their annual tax revenue, according to a new report from the credit-rating firm Moody’s,” says the lead in a Washington Post story.
The emerging leader in the deepening pension saga is Chicago, whose “pension liabilities were equal to 678 percent of its revenues as of 2011,” notes US News & World Report.
Here are the others in the top (or is it bottom?) ten:
Rank Debt Issuer Pension Liabilities as Percentage of Revenue
1. Chicago 678.2 percent
2. Cook County (Ill.) 381.6
3. Denver County School District 1 341.6
4. Jacksonville, Fl. 326.9
5. Los Angeles 324.5
6. Metro. Water Reclamation District of Chicago 323.4
7. Houston 312.4
8. Dallas 292.5
9. Clark County (Nev.) School District 259.1
10. Phoenix 240.2
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