Posted on 07/17/2024 6:18:24 AM PDT by ChicagoConservative27
(The Center Square) – Taxpayers in the city of Chicago now owe more than $37 billion in unpaid pension costs after debts soared by at least $1.8 billion over the last 12 months.
Data outlined in the city’s annual comprehensive financial report further highlights that the city’s four employee pension funds representing police officers, firefighters, municipal employees and laborers jumped by 5% in 2023.
While Chicago Mayor Brandon Johnson recently boasted of the city now being on the right track in terms of getting the city’s pension system in order, state Sen. Craig Wilcox, R-McHenry, sees things entirely different.
“Unfortunately, everything that the General Assembly has attempted, whether it was consolidation of the police and fire pensions, it didn't come without pension enhancements,” Wilcox told The Center Square.
(Excerpt) Read more at thecentersquare.com ...
good time to start “disinvesting” people for spurious reasons.
And the stock markets are at or near all time highs.
There must be 20% for the big guy.
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury.
Alexander Fraser Tytler
No federal bailout. Make Pritzker contribute.
These stats people put out about pensions and such being under funded can be misleading. When I took out my first 30 year mortgage only the next month was funded.
Not to worry.
The Democrat Party Organized Crime Syndicate will pay their loyal members with money they steal from you.
Get bailed out by taxpayers from other states under a "Federal Plan".
A number of guys I grew up with are living off city pensions. Quite comfortably.
> No federal bailout. <
That’s their best hope, a federal bailout if Potato Head Biden cheats his way to another term. Many state constitutions have provisions prohibiting the reduction of pensions. So that’s out.
There is another option. Greatly increase the mandatory contributions current employees make to the pension fund. I know of one state fund (not Illinois) that did that to right itself.
Such an option would of course upset current employees. Does Chicago and Illinois have the common sense to do it anyway? Probably not. Easier to just hope the Feds come through.
I hope most here realize they’re going to make all tax-paying Americans bail out Chicago when it collapses. Same goes for any other large deep blue city.
> A number of guys I grew up with are living off city pensions. Quite comfortably. <
Folks used to retire on half pay. That was the deal. And that made sense. The house is paid off. The kids are out of college. You’ve got Medicare and Social Security, plus a something saved over the years.
Then the pension formulas were changed. It is now quite possible for a government employee to retire at more than what he made while working. That makes no sense, and is obviously not sustainable.
“Tax the rich or something right??”
The “something” is that they need a Federal bailout. Then Big Uncle Sam will borrow some more money, hand it to Chicago, and we’ll all see our dollars worth less, prices go up, and more of our tax money going to pay off the additional debt and interest on it.
LOL! Maybe they need to build a fence around Shitcago to keep the few people there that actually PAY taxes people from fleeing...
Not to mention double and triple dippers.
Or slimy process of promoting workers to higher paying positions just before they retire. So the retirement is based for decades on final paycheck.
Vote Blue Rat👏👏👏
The left throws around the word ‘privilege’ so much, and yet government worker privilege is a real thing. Retire at 55 and live off the taxpayer dime for the next 20-30 years, and still have the nerve to complain it isn’t enough, when other people can barely put gas in their car.
It would be more acceptable (barely) if the country could afford it, but we can’t.
So many people are not part of this privileged government group, and I think Trump should hammer that home.
” Federal bailout.” That was always Pritzy’s plan. A huge bailout he can easily skim a few mil off of...
Here come more viruses and vaccines. Most likely lockdowns too. Jabs cure underfunded liabilities
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