NYC Can’t Afford Big Pensions and Free Buses: Allison Schrager

Cities such as New York and Chicago are in deep financial trouble. Broadly speaking, they have two options: Make the difficult but appropriate choice to raise taxes and reduce the scale of government, or continue to live in a state of denial, increasing their pension obligations while also promising their residents more services.

I am sad but not surprised to report that they are choosing the latter. Even though both cities — as well as New York and Illinois — face major budget shortfalls, high taxes and declining populations, they are doubling down on irresponsibility. Illinois has made Chicago’s pension ...