I’m sure Pittsburgh could be more mismanaged, but it’s hard to see how. The Post-Gazette reports:
The market woes that are shrinking retirement plans have started pounding municipal pension funds, especially the city of Pittsburgh’s draining pool of investments.
At the end of November, the city’s fund held $261 million, down from $385 million at the beginning of the year, with half of that loss occurring in the last two months. That leaves the fund with just 29 percent of what it should ideally hold to cover its long-term commitments, according to state standards.
“It’s not good. But we’re trying to control what we can, and then ultimately will need help from our friends in Harrisburg,” said Mayor Luke Ravenstahl, after a pension fund board meeting yesterday.
(Via Pension Tsunami, via Instapundit.)
A competent city government would save more when times are good, so it can ride out the bad times. Pittsburgh, on the other hand, became insolvent when times were good, and is looking for a state bailout now that times are bad.
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