Will Pension Crisis Make Chicago The Next Detroit?

The Windy City’s fiscal woes are not as dire as Detroit’s, but they are broad and deep, analysts say, with massive unfunded pension liabilities stockpiling at a time when economic activity is modest and tax revenue is difficult to grow. … With Illinois state law requiring the city to boost its contributions to its public safety pension plans by 2015, the situation is poised to worsen. … The state has a roughly $100 billion unfunded pension liability over 30 years.Story at Investors.com

I think this is the correct link:

news.investors.com/economy/080613-666582-chicago-pension-deeply-underfunded.htm?ven=rss

I was kind of surprised to see how “modest” the pensions were in Detroit and how they were not as underfunded as I had imagined. Compare the pensions of a retired cop or teacher in Detroit to that of Chicago.

speculation / commentary

closed

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