You thought bankrupt Detroit was bad? Read this informative analysis by Reboot Illinois and come to more fully understand why Chicago's situation is possibly worse.
It took many years of warnings before Illinois state lawmakers and most taxpayers finally grasped the danger of the debt the state had accumulated with its five public employee pension systems.
Now the reality of impending pension doom is hitting Chicago city government. But where we experienced the state’s pension debt as a gradual creep into essential services like education — or the slow squeeze of Squeezy the Python, if you prefer — Chicago is looking at immediate costs that, without major reform, will hit taxpayers directly and suddenly in both property tax bills and in potential layoffs of thousands of teachers and police officers. (This infographic shows what the city owes to its various unions.)
It beats me how Chicago is ever going to emerge from this crisis without going bankrupt.
What was America's greatest come-from-behind war? Go here to find out.
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