Warnings about the weak health and liquidity risks of Chicago’s pension system abound in the funds’ 2018 financial reports.
The net pension liabilities of the four city pension funds grew to a collective $30.1 billion in 2018 from $28 billion in 2017. The funds all recorded negative investment earnings after double-digit returns in 2017.
Buried between all the lines of a lot of big words, mumbo jumbo and the language of financial “experts” at city hall, the rating agencies and the investment houses. Is a simple fact, paying off debt with more debt is like standing in a hole and digging. The rating agencies will reward the city every time the taxpayers get screwed over with another tax. All parties are aligned to destroy the taxpayer. This literally is a high tech ponzi made legal simply because it’s being run by the government and their cozy relationship with raters and market makers. If anyone… Read more »
Bpb Out of here
6 years ago
With the economy rolling alone like a freight train going downhill, how do you have a rate of return of -6.3%? Only the city of Chicago could manage such a feat.
I prefer my investment portfolio to be pure woke. It’s better to make socially conscious investments and lose money, rather than invest in ‘destructive’ industries and make money.
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.
Buried between all the lines of a lot of big words, mumbo jumbo and the language of financial “experts” at city hall, the rating agencies and the investment houses. Is a simple fact, paying off debt with more debt is like standing in a hole and digging. The rating agencies will reward the city every time the taxpayers get screwed over with another tax. All parties are aligned to destroy the taxpayer. This literally is a high tech ponzi made legal simply because it’s being run by the government and their cozy relationship with raters and market makers. If anyone… Read more »
With the economy rolling alone like a freight train going downhill, how do you have a rate of return of -6.3%? Only the city of Chicago could manage such a feat.
I prefer my investment portfolio to be pure woke. It’s better to make socially conscious investments and lose money, rather than invest in ‘destructive’ industries and make money.