2018 Financial State of Arizona (Released 9/24/2019)
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Includes "Pension debt is similar to credit card debt, not a mortgage, because it is debt accumulated to cover costs that have already been incurred. Evidently Phoenix has a plan to pay the pension debt off over the next 22 years, but this does not negate the fact that this debt exists today. To explain this concept on a personal level, someone who plans to pay off a credit card balance over time by paying the minimum payments still has outstanding credit card debt now."