-By Warner Todd Huston
Pensions are the single biggest problem that every state, county and city in the Union face and New York City is no different. It is so bad that even as New York City has seen the numbers of its government employees fall, its costs in fringe benefits and pensions have still continued to soar. (Download the 2012 Budget Summary)
The latest budget info released by the Big Apple is a horror story of budget woes with pension costs leading the pack.
Marc Cenedella has done the heavy reading and his report is discouraging, to say the least.
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Employee Levels Fall But New York’s Fringe Benefits and Pensions Costs Soar”