I've often complained that everyone just talks about the state pension plans, while New York City pension plans, which cover local government employees working for the City of New York and New York City Transit, are ignored. Well NJ actuary and pension commentator has done all of us a favor, and calculated the bankruptcy data for major city pension plans on the same basis as his calculations for state plans. He finds the New York City pension system goes bust in 2023. Much to my surprise, that isn’t much different than the New York State plans. Which means that since existing workers can’t have their pensions cut (constitutionally) or their pension and health care contributions increased (politically), public services will be completely wiped out throughout the state with the nation’s highest tax burden at about the same time, in order to pay pensions without pension funds. (We may get a downpayment next fiscal year). And it doesn’t matter how much they cut the pensions, pay and benefits of future public employees, because they won’t be able to afford to hire any.