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New York City's Coming Pension Crisis

By Michael Bloomberg, New York Daily News - December 19, 2013

Success can never be taken for granted, especially in a global economy where competition is ferocious.

Government’s job is to look ahead, and find innovative, pragmatic ways to remove barriers to future growth, before they become crises — and that’s what we’ve done across the city. But there is one barrier to growth that has been particularly difficult to scale — and it is especially dangerous to ignore.

I’m talking, of course, about the explosion in the cost of pension and health care benefits for municipal workers.

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