CPS pension woes made me fall out of love with Mayor Daley

chicago tribune ^ | 6 july 2015 | Heidi Stevens

[DUMBGRUNT]

Chicago Public Schools went an entire decade without making a pension contribution under Daley.

It was part of a "pension holiday," according to the report. And like a lot of holidays, it left a hangover.

[DUMBGRUNT]

They ran clean out of other people's money!

How did that happen?

[E. Pluribus Unum]

There should be no such thing as a government pension.

[newfreep]

Clearly, Daley was embracing the Greek mythology of Economics.

[MUDDOG]

One last good vestige of our federal system — the states and localities are on their own with their debt.

(Not to say the RINOQs won’t bail them out.)

[who_would_fardels_bear]

"One last good vestige of our federal system — the states and localities are on their own with their debt."

If only that were true.

The only level of government that can run deficits until the apocalypse is the federal. Because they can loan and grant money to states and localities (with all of the leftist strings attached) they can keep their favored states and localities afloat until the apocalypse as well.

In the end we get a centralized tyranny because most of the monies ... and marching orders ... are coming from the fed.

[Chode]

nor a government UNION!!!

[MUDDOG]

True. Wouldn’t surprise me to see Janet Yellen bail them out on her own.

[E. Pluribus Unum]

Even FDR was against public sector unions.

[mikeandike]

I couldn’t read then entire article because the site wants me to sign up, but from the excerpt, I have to wonder with all of the people in CPS why wasn’t anyone concerned about it at the time? Why weren’t they vigilant?

[Lurker]

I feel zero sympathy for these people. They were all dumb enough to believe the promises of politicians.

[Flick Lives]

I believe when a private company doesn’t fund a pension plan for a decade, they don’t call it a “holiday” they call it “illegal”.

[QT3.14]

"We can evade reality, but we cannot evade the consequences of evading reality."

-- Ayn Rand

[DUMBGRUNT]

To view articles over a paywall, google a key phrase, search under news.

Google and a few others have agreements to go around the paywall.

[DUMBGRUNT]

when a private company doesn’t fund a pension plan for a decade, they don’t call it a “holiday” they call it “illegal”.

I live miles from Chicongo in a different county, and they have designs on my wallet.

[sharkhawk]

One thing that isn’t mentioned in most of these stories is that the teachers don’t make any contributions to their pensions either. Both are required to pay 9% of salary to the pension fund, but the city agrees to pick up 77% of the teacchers share. So the next time you see a teacher complain that they paid into their pension remember that they paid in 2% of their salary and expect to receive 75% of salary in pension at 55.