Portland Ore. Cancels Streetcar Project

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Whenever you hear about the proposed plan to build a streetcar, downtown, you’ll sometimes hear an expert or a city official talk about modeling the project off of Portland’s streetcar system. Last week Portland Mayor, Sam Adams, has abandonded plans to add an $80 million dollar streetcar to downtown because “The money hasn’t materialized.”

Portland has similar financial problems to Cincinnati, especially when it comes to their pension fund. As of now, Portland faces $2.5 billion dollars in unfunded costs to retirees’ benefits. Cincinnati faces a billion dollar shortfall in their pension fund, and will be insolvent in 21 years if nothing is done about it.

To read more about the Portland street car project, go to Oregonlive.com

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