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September 30, 2014, 1:14 pm
970 WMAY News

Wall Street Journal Highlights Springfield's Pension Problems


The City of Springfield is getting national attention this morning… and not in a good way.

 

The Wall Street Journal is running an article today which features Springfield as an extreme example of the pension problems that are harming cities around the country.

 

The Journal article says pension liabilities may be chewing up as much as 25% of the city’s operating budget, and claims that’s keeping the city from attending to other basic needs.

 

And it says that combined debt and pension obligations amount to nearly $7,000 for every city resident.

 

Mayor Mike Houston will join us live after 8 this morning to talk about it.

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