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Aug. 5 (Bloomberg View) — The New York Times has a lengthy and dismaying article on the problems with New York City’s pensions:

Next year alone, the city will set aside for pensions more than $8 billion, or 11 percent of the budget. That is an increase of more than 12 times from the city’s outlay in 2000, when the payments accounted for less than 2 percent of the budget.

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