Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Chicago's Finances Are Even Worse Than Everyone Thought (don't fall of your chair!!)
businessinsider.com ^ | businessinsider.com

Posted on 02/14/2011 7:32:37 PM PST by mewykwistmas

Just when Chicago's fiscal problems looked they couldn't get much worse, a new study shows that the city now faces nearly $23 billion in unfunded pension liabilities, the Chicago Tribune reports.

Chicago's unfunded pension obligation has increased 600% since 2000, according to the report, released by the city's Civic Federation. When combined with state pension debt, unfunded liabilities on public employee pensions would now cost each Chicago resident more than $11,934.

Much of the blame rests with Illinois' pension code, which allows local governments to avoid paying their contributions to public employee pension plans. This problem is exacerbated, the report says, as the number of retirees exceeds the number of active public employees.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: chicago; chicagoway; pensions; publicsectorunions; surprise
Navigation: use the links below to view more comments.
first 1-2021-4041-43 next last

1 posted on 02/14/2011 7:32:41 PM PST by mewykwistmas
[ Post Reply | Private Reply | View Replies]

To: mewykwistmas

I’m sorry but LOL.

It just seems so fitting.


2 posted on 02/14/2011 7:36:34 PM PST by cripplecreek (Remember the River Raisin! (look it up))
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas

No wonder Mayor Daley decided it was time to leave.

Well, I’m sure that Rahm can deal with it.


3 posted on 02/14/2011 7:41:09 PM PST by Cicero (Marcus Tullius)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas
Much of the blame rests with Illinois' pension code...

That's just like blaming the "evil SUV" for going wild and hurting people.

Sorry, it's the criminal behavior of the political ruling class at all levels where the blame rests. Just how did the "Illinois pension code" come into existence? Did it spontaneously form?

4 posted on 02/14/2011 7:41:09 PM PST by ProtectOurFreedom
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas

Rahm may be sorry he ever left the WH.....


5 posted on 02/14/2011 7:45:30 PM PST by Red Badger (Want to be surprised? Google your own name. Want to have fun? Google your friend's names.....)
[ Post Reply | Private Reply | To 1 | View Replies]

To: y'all
Not to worry.

0'Zer0 has about 0.25T in the 2011-2012 budget for Chi Town.

Pizza & beer set-a-sides too boot!

Image and video hosting by TinyPic

6 posted on 02/14/2011 7:47:39 PM PST by Cyber Ninja (Live and Let Live; is not working...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

I too, am laughing my buttocks clean off. ;-)

And it could not possibly happen to a more deserving bunch of pinheads.


7 posted on 02/14/2011 7:47:50 PM PST by NVDave
[ Post Reply | Private Reply | To 2 | View Replies]

To: Red Badger
Rahm may be sorry he ever left the WH.....

Just wait until he finds out that Chicago can't print money like the feds do.

8 posted on 02/14/2011 7:49:02 PM PST by Graybeard58 (Of course Obama loves his country. The thing is, Sarah loves mine.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: NVDave

And Obama has consolidated a lot of power in Chicago since taking office.


9 posted on 02/14/2011 7:49:57 PM PST by cripplecreek (Remember the River Raisin! (look it up))
[ Post Reply | Private Reply | To 7 | View Replies]

To: mewykwistmas

It couldn’t happen to a nicer city.


10 posted on 02/14/2011 7:49:57 PM PST by Third Person
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas

Pigs at the trough. I’m sure they will find a way to blame republicans for it. At the least Bush will be to blame.


11 posted on 02/14/2011 7:52:45 PM PST by vpintheak (Democrats: Robbing humans of their dignity 1 law at a time)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Graybeard58

Sez who????.....


12 posted on 02/14/2011 7:54:38 PM PST by Red Badger (Want to be surprised? Google your own name. Want to have fun? Google your friend's names.....)
[ Post Reply | Private Reply | To 8 | View Replies]

To: mewykwistmas

Whats next tax welfare benefits to pay for the pensions?


13 posted on 02/14/2011 7:57:41 PM PST by rolling_stone ( *this makes Watergate look like a kiddie pool*)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas
...unfunded liabilities on public employee pensions would now cost each Chicago resident more than $11,934...

Unexpected.

14 posted on 02/14/2011 7:59:35 PM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cicero

Daley’s regularly been declared the most powerful mayor in the world... by stink.


15 posted on 02/14/2011 8:20:21 PM PST by 1010RD (First, Do No Harm)
[ Post Reply | Private Reply | To 3 | View Replies]

To: ProtectOurFreedom

Sir, I think your HALF right. Meaning yes it’s “the criminal behavior of the ruling class” but it also took a million or so Chicago moron voters to elect the marxists that voted for all these pensions!

Same goes for Obama, tens of millions of voters voted for him? Ergo, we got what “they” deserve!


16 posted on 02/14/2011 8:22:35 PM PST by Cen-Tejas
[ Post Reply | Private Reply | To 4 | View Replies]

To: Graybeard58

Bump for later.


17 posted on 02/14/2011 8:26:40 PM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
[ Post Reply | Private Reply | To 8 | View Replies]

To: mewykwistmas

Pass everything Obama by one vote.


18 posted on 02/14/2011 8:29:45 PM PST by screaminsunshine (34 States)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas
do I really have to say it???

19 posted on 02/14/2011 8:35:04 PM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewykwistmas
"This problem is exacerbated, the report says, as the number of retirees exceeds the number of active public employees."

Ya Think? This of course is further "exacerbated" when many of the retirees are actually dead but their checks is being cashed by the machine or the DNC directly.

20 posted on 02/14/2011 8:38:31 PM PST by WHBates
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-43 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson