New York state and localities including Westchester County borrowed a record $1.4 billion to cover retirement contributions this year, showing how even the wealthiest communities are struggling to make the payments.
Behavioral finance is a breakout star of the post-2008 economic world. A little-known academic discipline a mere decade ago, this combination of psychology and finance now serves as a catchall explanation for why we act against our own financial best interests time and time again.
Mayor Leonard Urban deals with the dead. As Connersville, Indiana’s undertaker, he’s buried more than 6,200 people in the past half-century, giving him perspective on end-of-life matters. He says his cash-bleeding town isn’t ready to go yet.
At Success Academy Union Square, a charter school in Manhattan, parents dropping off kindergartners one frigid morning include a radiologist with a Louis Vuitton bag slung over one shoulder and a fashion designer married to an investment banker. Some arrive in taxis.
Five months after Cory Booker ended his tenure as mayor to join the U.S. Senate, Newark is struggling with a leadership transition that’s left New Jersey’s biggest city on the brink of a state takeover.