Yeah, in the case of pensions I agree having disproportionately high pension comp vs. current comp makes no sense -- particularly bad when a city declines in si

Yeah, in the case of pensions I agree having disproportionately high pension comp vs. current comp makes no sense -- particularly bad when a city declines in size. There are plenty of non-pension cases where debt is an effective tool, i.e. borrowing to make efficiency/productivity improvements which exceed the cost of servicing and repaying the debt. Imbalanced pensions are more like borrowing to pay for operational expenses.