Thursday, March 09, 2017

Chicago has worst-funded pension system of America's largest cities

Abandoned homes in East
Garfield Park
League of Shadows Day continues at Marathon Pundit.

"The League of Shadows has been a check against human corruption for thousands of years. We sacked Rome, loaded trade ships with plague rats, burned London to the ground. Every time a civilization reaches the pinnacle of its decadence, we return to restore the balance." Ra's al Ghul in Batman Begins..

Chicago is wondering when Ra's al Ghul will arrive. Will he come in the form of a bankruptcy attorney?

From the Chicago Sun-Times:
Chicago is not alone among major cities grappling with under-funded city employee pensions, but is clearly in the worst shape among the nation’s fifteen largest cities, a Wall Street rating agency concluded Wednesday.

Standard & Poor’s surveyed pension obligations in New York, Los Angeles, Chicago, Philadelphia, San Francisco, San Diego, San Jose, San Antonio, Phoenix, Jacksonville, Dallas, Houston, Columbus, Indianapolis and Austin.

Chicago performed the worst across the board — registering the highest annual debt, pension post-employment benefits costs as a percentage of governmental expenditures and the highest debt and pension liability per capita.

The burden in Chicago is $12,427-per-person, double New York city’s $6,115-per-person.
Chicago is the next Detroit. The only way out is to change state law so municipalities and government agencies can file for bankruptcy. Do it now while there is plenty worth saving.

This is what eight decades of one-party rule does.

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