07/27/2009 - Fiscal problems got you down, Philadelphia? Tax revenue drying up, pension problems draining the city budget, and Harrisburg indifferent, or downright hostile, to your pleas for help?
Here's a consolation: We're not Pittsburgh.
Having achieved the unenviable position as a national poster-child for distressed pension systems, Pittsburgh is now facing tough choices to begin the climb from a hole some believe it will never get out of alone. A recent report by The Pew Charitable Trusts showed its pension to be the worst among those of 10 comparable cities, including Philadelphia's, which ranked eighth.
With $252 million in assets and just under $900 million in liabilities, Pittsburgh, in December, had 28 percent of the money it needed to pay its long-term pension bills.
Read the full article Pittsburgh's Pension Problem on the Philadelphia Inquirer's Web site.