Public Pensions and City Solvency

Public Pensions and City Solvency

by Susan M. Wachter (Editor)

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Overview

Public Pensions and City Solvency by Susan M. Wachter

Underfunded pension liabilities threaten the fiscal stability of many cities. While Detroit's bankruptcy has dominated the headlines, the problem is widespread. With ongoing battles in many localities, policymakers are increasingly turning their attention to the legacy issues surrounding the funding of pensions. Public Pensions and City Solvency addresses this complex fiscal challenge and presents strategies to achieve financial sustainability.

Writing in a direct, readable style for a professional as well as an academic audience, expert contributors provide incisive analyses and practical approaches to navigating the fiscal morass in which many cities find themselves. Richard Ravitch, former lieutenant governor of New York, writes the Foreword and Robert P. Inman and Susan M. Wachter provide the Conclusion. The book's three chapters examine the issue from different key perspectives: Joshua D. Rauh, a leading scholar in the study of unfunded pension liabilities, provides an economist's perspective; Amy B. Monahan, a renowned authority in public employee benefits law, illuminates the legal framework; and D. Roderick Kiewiet and Mathew D. McCubbins, visionary political scientists, put the crisis and its economic and legal implications into context and lay out the necessary framework for reform.

The problems that arise from underfunded public pensions are only going to escalate. Public Pensions and City Solvency is a unique resource for decision-makers, policy-makers, and researchers and a timely addition to the evolving debate over what constitutes sustainable solutions.

Contributors: Robert P. Inman, D. Roderick Kiewiet, Mathew D. McCubbins, Amy B. Monahan, Joshua D. Rauh, Richard Ravitch, Susan M. Wachter.

Product Details

ISBN-13: 9780812248265
Publisher: University of Pennsylvania Press, Inc.
Publication date: 01/06/2016
Series: The City in the Twenty-First Century
Pages: 120
Product dimensions: 5.60(w) x 8.60(h) x 0.80(d)

About the Author

Susan M. Wachter is the Albert Sussman Professor of Real Estate and Professor of Finance, The Wharton School; Professor of City and Regional Planning, School of Design; and Codirector, Penn Institute for Urban Research, at the University of Pennsylvania.

Table of Contents

Foreword
—Richard Ravitch

Chapter 1. Why City Pension Problems Have Not Improved, and a Roadmap Forward
—Joshua D. Rauh
Chapter 2. The Law and Politics of Municipal Pensions
—Amy B. Monahan
Chapter 3. Erosion of the Foundation of Municipal Finance
—D. Roderick Kiewiet and Mathew D. McCubbins
Conclusion. A Call for Transparency
—Robert Inman and Susan M. Wachter

Notes
List of Contributors
References

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