$1.6 Million Bill Tests Tiny Town and ‘Bulletproof’ Public Pensions

“I couldn’t live on it — no way,” she said. “I can’t go back to work. I’m 71 years old. Who’s going to hire me?”

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Public pensions are supposed to be bulletproof, because cities — unlike companies — seldom go bankrupt, and states never do. Of all the states, ex...

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