Milwaukee Mayor Ignores Pension Bomb in Final City Budget
Milwaukee Mayor Tom Barrett on Tuesday unveiled his $1.75 billion spending plan for next year. The mayor was nominated to be ambassador to Luxembourg, but it's unclear when the U.S. Senate will take-up his nomination.
(The Center Square) – Milwaukee Mayor Tom Barrett appears ready to head for Luxembourg without addressing Milwaukee’s looming pension crisis.
Most of the headlines about the plan focus on Barrett’s plans to hire nearly 200 new police officers. But critics say the headline writers, and Barrett himself, are largely ignoring Milwaukee’s pension costs.
Barrett is relying on a tax levy increase, as well as millions of dollars in federal money to try and balance Milwaukee’s budget.
“They’re clearly not doing nearly enough to set aside money right now for the massive bill about to come due,” Badger Institute President Mike Nichols told The Center Square. “This is going to be a tsunami.”
Milwaukee’s pension payment is currently $71 million. It is set to jump to $150