The end of public promises? Governments and the pension deficit disorder: generous public employee retirement benefits and other vestiges of the past are severely straining state and local government budgets. In order to survive, the public sector may have to learn how to operate in an era that doesn't promise eternal growth

On July 18, 2013, the city of Detroit was officially declared to be in a state of bankruptcy, with debts totaling more than $18 billion. The crisis had been many [...]