Posted on 05/18/2015 7:03:55 AM PDT by george76
One of every four retired workers from the state of Illinois, the city of Chicago and the Chicago Public Schools is getting a pension of more than $60,000 a year.
That’s 80,365 people in all.
For 13,240 of them, those checks provide a yearly income of $100,000 or more, a Chicago Sun-Times/Better Government Association analysis of pension records has found. An additional 20,004 have pension incomes totaling between $80,000 and $100,000 a year.
...
the root of the problem is that government officials kept promising lifetime benefits to workers — and, in many cases, to their surviving spouses should they die
...
In all, the state’s five pension funds, Chicago’s four pension funds and the Chicago teachers pension fund are paying a total of $12.7 billion a year to more than 310,000 people.
...
the quickest, surest way to raise a lot of revenue could be a property-tax increase.
“The city of Chicago will have to raise property taxes,” Battle said.
(Excerpt) Read more at chicago.suntimes.com ...
Only in the land of libtards does this kind of program happen. The “generous pension program” was designed to hold over the heads of the active troops to keep them following orders and paying Union Dues. As usual, they were using other people’s money and then it ran out. Like all socialism, it only works until you run out of OPM (Other People’s Money).
The worst part is that they can “double dip” on these pensions. The usual cretins work for the city for a decade or so, get one pension, then go work for the county, get another pension, then get a state job for a third pension. So some of these jerks are getting 250k + a year in pensions, looting the public.
Detroit 2.0!
Well, on the one hand, would hate to see the city of Chicago or state of Illinois go through bankruptcy and all the negative consequences of such actions.
On the other hand, who has been running Chicago for so many decades??? Democrats and their union allies. Rahm Emmanuel has a huge problem on his hands. One thing he cannot do is blame this on the GOP in any way. This problem he faces was created by Democrats, aided and abbetted by Democrats, and is completely the fault of Democrat mismanagement of public taxpayer money.
Remember that you cannot save for retirement because you are paying for someone else’s retirement.
My mom worked for about 20 years at a part time job for the city, running a seniors “meals on wheels” center in our neighborhood. When she retired her pension was LARGER then what she had been bringing home working part time. She checked to see if it was an error, but no, it was correct. She also had health insurance that paid every single penny her medical costs and prescriptions, no co pays, nada.
Just as with the recent Amtrak crash, the Dems will always find a way to blame Republicans. The accusation doesn't have to make sense, it doesn't have to be logical or factually correct. As long as a complicit media doesn't question or challenge it, the accusation can sit our there for a while and stew. At some point, it will simply be forgotten, but the delay will have served its purpose.
Democrat MO.
That will not prevent Rahmbo from blaming Republicans - and the rich - and “white privilege” and whatever other communo-horsefeathers he can come up with.
For God's sake, man, get your priorities straight.
You defended the country.
They defended the mayor.
I don’t think a state can go bankrupt?
States can not legally go bankrupt under the federal bankruptcy laws, but they can become insolvent when they can not pay their bills.
Municipalities and other organizations can legally go bankrupt.
Second, Federal bankruptcy laws can be changed ?
http://www.news-gazette.com/news/local/2013-07-20/state-cant-declare-bankruptcy.html
Cops in CA routinely retire in their early fifties with $75,000 per year pensions with gold plated health benefits for life as well.
The American people are getting economically gang banged.
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