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Rick

So the trend line is no longer linear? I would think that debt trends work downward the same as compound interest works upward, logarithmically. As it gets worse it accelerates? The actuaries job now should be to accurately predict it’s breaking point, not what contribution will, at best, just flatten the trend. Contributing with borrowed money gets them nowhere. Property taxes are at some point borrowed money as well, the cost of repayment is lowered property values as homes hit market for leavers. And your housing base becomes a buyers market for a dwindling supply of buyers. We may be… Read more »

mark mc

Rick – I was going to ask the same question regarding the Forbes article (a good article). But I see you ask it here (and well put, by the way). I understand that the Chicago Police fund could go to zero in 2021. I would be interested in having that verified. One big fund goes, and given the interconnectedness of Chicago and Illinois finances, a 2008 domino style event is possible.

Andrew Szakmary

Buried in the article is that Chicago’s total liability for other post employment benefits, mostly retiree health care, is only $684.9 million. That seems a very low and manageable amount for a city of its size. How about occasionally acknowledging some good news, for a change?

NB-Chicago

The reality is the giant prop tax increase i recieved on my 1,100 sf chicago nw side bungalow is now to the point where its not even about any illusion of treading water,,,its flush my home down the toilet time and all the years my wife and i scrimped and scraped to make those payments happen….a moody’s downgrade is are only hope to wake the dullard voters up!!

debtsor

“The city’s debt to its retirement system, which covers benefits for 119,700 people…”

120,000 leeches bankrupt an entire city. Insanity.