Chicago property tax payers to get a royal screwing

Chicago Mayor Richard M. Daley tossed another rant last week when Gov. Pat Quinn signed the alleged public employee pension fund "reform."

As reported by Bloomberg:

Under the law Quinn signed yesterday, the city's combined annual

daleybank.jpg

No wonder he's mad.

contribution for police and firefighter pensions will rise from a projected $309 million in 2015 to about $856 million over the next 25 years, according to the city. The law, which applies to all public-safety workers in Illinois, is meant to protect their retirement benefits by requiring municipalities to boost funding of the plans that cover them, Quinn said.

The legislation requires Chicago to fund its public-safety pensions at 90 percent of projected obligations within 25 years. That is "a higher ratio and shorter timeframe than every other municipality in the state and the state's own employee pension system," according to the statement from Daley's office.

Daley predicts a 60 percent increase in property taxes because of it.

I've got no sympathy for the city or state. They have both been buying off public employees for decades by granting overly generous pension benefits, and then failing to fund the pensions to meet their obligations.

The predicted financial unraveling of both the city and state are upon us.

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  • However, the question is whether it will be only the city taxpayers who get the royal screwing.

    I hearken back to the "Moving Beyond Congestion" campaign, where Daley's lackeys at the CTA wanted taxes raised regionwide to, it turns out, pay for CTA pension underfunding. However, what resulted was a Real Estate Transfer Tax only in the city to cover the pension bonds.

    Now, if that is the result with city police pension funding, those taxpayers voted for the Daley machine for 22 years. If, all the sudden, those outside the city supposedly have some obligation with regard to that, well, you didn't let us vote legally for someone else for Mare.

    With regard to state pension funding, I guess we will all get stuck for that.

  • We'll get stuck for everything.Who the hell are they going to get the money from?They're chasing as many businesses as they can out of the city and county with all the crap forced onto them.As a municipal worker I paid into the pension and always said that when will they pay in,we even had to file lawsuits just to get them to fund their share back in the 90tys.With all the pols in middle management and above,I see no way but up for all of us in the tax arena.Remember,the average guy retiring from the city is not getting 100K a year,just the chosen ones.....

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