Bloomberg admits that tech center San Francisco is a debt hole because of public pensions.
The news occasionally reports on the giant debt hole that we are sliding into. This is so that, when the entirely predictable collapse occurs, the media spokesmen can pretend to be reliable experts who warned us all along. But, in fact, these stories only surface occasionally and the media never treats them as the collective national emergency that they are.
Thus, the recent Bloomberg story about San Francisco’s debt hole is probably not going to receive the attention it deserves:
The technology industry has transformed San Francisco with a boom other cities can only envy. But it hasn’t eradicated a problem well known to industrial-era towns: the rising cost of pensions.
The city, where the unemployment rate is just 3.2 percent and the typical home sells for more than $1 million, is facing a budget shortfall…
