The Atlantic magazine derided a series of economic studies estimating "unfunded liabilities" facing the United States at between $38 trillion and $200 trillion, determining through simplistic assumptions that U.S. liabilities are not a problem.
Detroit was once America’s most prosperous city, but now is an urban wasteland. A former Detroit business owner tells his story and explains how the city's economy was killed with bad policy. And, he warns, there are more Detroits yet to come.
Detroit, Michigan’s bankruptcy filing is causing fear that other major U.S. cities face a similar fate as they too are dealing with burdensome underfunded liabilities like retiree benefits.
The announcement by Standard & Poor's on Monday that it is revising its outlook upward is not only useless but counterproductive.