Volatile Wall Street sparks concern over public pensions, taxes
Some fear that unless the market settles, local governments and schools could face increases in employer contributions to offset pension losses, which could increase pressure to raise taxes. The last time the stock market was roiled by the volatility that it has been experiencing recently was the beginning of the 2008 recession, which left the massive state pension system bruised and turning to local property taxes to make up for losses. Some experts fear that unless the current stock...