LPNEWS
When Houston Mayor Sylvester Turner took office last year, he inherited a sweeping pension crisis. The city had an unfunded liability of $5.6 billion, a figure representing Houston’s obligations to its fire, police, and municipal pension systems.Then it got worse: After he took office and got a closer look at the books, Turner saw the revised figure—$7.8 billion.Pensions are the storm clouds on the horizon that threaten to wash out the so-calledTexas Miracle, the wave of new jobs that kept the Lone Star State afloat through the Great Recession. Taken together, the four largest cities in Texas—Houston, Dallas, Austin, and San Antonio—owe more than $22 billion in pension shortfalls.