From the NY Post:
THE city is within sight of a scary tipping point. Within a few years, it could be spending more on pensions and health benefits than on the salaries of its workers.
That was the stark warning issued last week by Budget Director Mark Page at a packed City Hall hearing.
"With increases in benefits over time and the decline in the value of funds held by the city's pension systems, we are moving further into a period when the city and its taxpayers will be paying more for employee benefits than for direct employee salaries," he declared.