Minneapolis is the next Detroit
Posted in the Minneapolis Forum
“I am always right.”
Since: Oct 09
Former MN Taxpayer
#1 Nov 17, 2013
Minneapolis will be the next Detroit. A shrinking tax base with growing financial obligations will cause Mpls debt to continue to grow.
The number one problem? Public pensions.
With the recent Mayor's race in Mpls, did any of the candidates address the mounting unfunded public pension issue? Did any of the so called news organizations bring this issue up?
Or did they all spend their time talking about how to make Mpls a "more inclusive" home for illegal immigrants?
Minnesota retirement plans are just 75% funded
Article by: BRANDON STAHL, Star Tribune
Updated: January 19, 2013 - 10:00 PM
More than two years after the Legislature acted to shore up Minnesota's public pension plans, some indicators show the plans are worse off than they were before the legislation.
The plans to pay for the retirements for more than 729,000 current and retired state and local government employees are $16.7 billion short of being fully funded, a deficit that's $4 billion larger than it was in 2010.
The plans were about 80 percent funded when the reforms were passed. They're now at about 75 percent.
The numbers were released late last month by the state Legislative Commission on Pensions and Retirement, but are actually current as of June 30, 2012, when the pension plans submitted their numbers. It takes about six months to calculate the data, said Larry Martin, the commission's executive director.
#3 Nov 17, 2013
Not to worry, then Minneapolis teachers pensions needed an infusion of cash it was gotten from all teachers pensions in the state of Minnesota.
Walla, it just takes a little redistribution of wealth.
#4 Nov 17, 2013
Has the bus service between Detroit and Minneapolis been improved again?
#5 Nov 17, 2013
We now have the "Megabus" service which is a bargin basement ride for those who commute to pick up their welfare checks in Minnesota.
Of course DHS loves the extra case load to justify more Goverenment staffallowing growth of their agency.
Life in Az much more sane go relatives in Scottsdale, like winter temps.
#6 Nov 17, 2013
Its only matter of time before every major city falls the same way.
#9 Nov 18, 2013
This coming from a person who thinks IQ is spelled Q...
Since: Sep 11
#11 Nov 18, 2013
The default, "go to" topic for distraction from the actual issues this election cycle was the rank choice voting debacle. It worked.
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