Gambling revenues cut in half in the last eight years. Property values declining. A third of its casinos shutting down. “Unsustainable bond issuances” funding pension payments. “Imminent danger of running out of cash.”
That’s what former Detroit Emergency Manager Kevyn Orr will face as a special consultant to Atlantic City’s newly named emergency manager, according to New Jersey Gov. Chris Christie’s executive order. Here’s the full document:
Pennsylvania’s state system, as well as nearly half of its municipalities, faces pension problems that could force tax increases or bankruptcy, reports the Pennsylvania Independent newspaper.
Meanwhile, “Chicago faces ominous financial woes, particularly when it comes to its government worker pension debt, but the city has the wherewithal to weather the financial storm that Detroit could not,” the Chicago Tribune writes.
New Jersey Gov. Chris Christie cited Detroit in warning a town hall audience about his state’s pension underfunding.