While my focus here on Budget Crunch is public agencies’ financial woes, I thought that to be fair I provide a bit of context that I have recently gained while covering corporate business news at Business Insider.
Since I started as an intern earlier this month, I’ve already written multiple times about bankruptcy filings at some major U.S. corporations, and just like public agencies, it’s clear they are facing their own pension crises.
Click here to read my analysis of iconic junk food retailer Hostess’s Ch. 11 filings, and here to see the latest development in the American Airlines bankruptcy.
Whether its a public agency or private corporation, what it really comes down to is that these entities made promises they couldn’t keep decades ago, and the protracted recession is only adding to that extreme financial tension.
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