Rhode Island’s ongoing troubles

Over at Public Sector Inc, I discuss Rhode Island’s state-wide pension meltdown. While Central Falls is nearing bankrtupcy, Cranston’s mayor warns that within a year the city must come up with $14 million and will face reduced services across the board. The state is discussing dramatic pension reform but time is not on the side of many municipalities which must fund both the state plan and in many cases their own individual plans.