Chicago pension funds sell property to fill. Needs to double, property taxes. Liabilities of $41,966 per household

Congratulations types are more confusing in Chicago for the plan of each city in the nation.

Please Chicago is facing the crisis on pension funding as it appears
Was Mayor Richard Daley below plan reserve fund raffle for city of balanced budgets next year and how it can affect his successor to retirement.

But the Chairman of the Committee of finance, TCDEd Burke spoke today a much greater Problem.Einer pension four funds for city workers go broke in the next ten years if current ongoing funding and markets improves step and all abdomen until in 2032 if nothing.

“It is similar to the House without turning on the fire, watch the combustion” Burke, 14th said to the first day of hearings on Daley proposed budget 6.15 billion. “In the city today really active pension fund obligations sell.»

Employee benefits would need long-term stability, plues employee contributions, an increase of taxes, pension or a combination of this city via double Schritte.Ohne relief changes control its assets for the next 40 years to cover pension obligations, gene Saffold, financial director told the city.

To cover all households in Chicago, $41,966, would have to pay the outstanding debt report geschlossen.Das is highest by home height between the towns of the United States.
Number of households in Chicago

Questions only leaders can ask him, “household how many are in Chicago.”

Response is the responsibility of pension 1,044,027.Der make a simple $43,813,637,082.

Chicago is bankrupt.

Mike “Mish” Shedlock
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