Cities have been crunched by lower tax revenues and rising healthcare costs for pension beneficiaries. Buffet says that cities will use potential bankruptcy as a negotiating tool with employees in revamping pension contracts.
Buffet testified in front of the US Financial Crisis Inquiry Committee in 2010 and predicted dire times for municipalities. There have been 42 municipal bankruptcies in 2012 so far. This compares to 68 to this point in 2011 and 83 to this point in 2010.
Municipal bond yields are more attractive than Treasuries and investors weary of low interest rates have been flocking to tax-free bonds, thinking that municipal backing is sound.
Ten-year benchmark municipals yielded 1.7% July 17—the lowest yield in a little over two months. The bankruptcies indicate that the lingering effects of the financial crisis of 2008 are still being felt. Cities have tried to cut expenses but, with slow economic growth, many have been unable to do so sufficiently to return to solvency.
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MEMBER REVIEWS
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William Desormeau, Jr.
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Lynn Najman, CFP®
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I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.
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| Pete Deacon, CPA, CFP® |
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| Fredric Mayerson, MBA, PhD, CFP® |
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| Ron Roge, MS, CFP® |
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I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value! |
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I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.® |
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