"'The pension promises are so large that they will surely bankrupt the city at some point,' was (CNN’s Fareed) Zakaria’s take on Chicago. A reminder. This wasn’t Fox News. This was a CNN broadcaster saying this."
Good editorial. Now follow it up with: What Democrats in high elected office in IL and Chicago actually care!? Their ONLY answer to date is to keep raising taxes, followed by more outrageous spending. Just look at the wreckage done by Pritker and Democrats last year alone. The real reality : Pritzker and Democrats are unfit to lead.
Last edited 3 months ago by JackBolly
Cass Andra
3 months ago
I have read numerous articles that say city and state economic problems will get worse, the longer bankruptcy is delayed. I’m not sufficiently informed to explain why that is the case although it seems true that pension expectations will grow during any delay in Chapter 9 filing. Of course, “contract rights” can be impaired by a bankruptcy court but the more money that gets deposited into pension trusts aren’t included in assets of the city or state. (And states can’t file anyway under present Federal law.) Actual funds within the pension trust are likely to be largely depleted in payment… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
It is called generational theft.
Good editorial. Now follow it up with: What Democrats in high elected office in IL and Chicago actually care!? Their ONLY answer to date is to keep raising taxes, followed by more outrageous spending. Just look at the wreckage done by Pritker and Democrats last year alone. The real reality : Pritzker and Democrats are unfit to lead.
I have read numerous articles that say city and state economic problems will get worse, the longer bankruptcy is delayed. I’m not sufficiently informed to explain why that is the case although it seems true that pension expectations will grow during any delay in Chapter 9 filing. Of course, “contract rights” can be impaired by a bankruptcy court but the more money that gets deposited into pension trusts aren’t included in assets of the city or state. (And states can’t file anyway under present Federal law.) Actual funds within the pension trust are likely to be largely depleted in payment… Read more »