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Wilf Woods: Detroit’s unfunded pensions

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Detroit has been catching it from all sides, but it is hardly alone, though bankrupt.

The Economist has put it clearly: “The truth is that America’s whole public sector still operates in a financial never-never land ... Barack Obama is on his way to joining George W. Bush as a president who did nothing about that ... America’s dynamic private sector is carrying on its back an unreformed leviathan. Detroit is merely a symptom of that.”

Unfunded pensions may not…

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