“‘You haven’t seen state and local governments cut to the degree they have. Now you reach a point where it’s an inflection point: At what cost am I going to honor my pension obligations?’ the founder of the Meredith Whitney Advisory Group said.  ‘How much am I going to cut into basic social services to honor obligations that I just can’t commit for the long term?’ she continued. ‘Precedents are being set now and you’re going to see more and more cities adopt’ cost-cutting measures.”  [Or revenue-raising]

http://www.cnbc.com/id/48565803

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