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$1.5 billion a year
cost to fix pensions?

Chicago Tribune, by Hal Dardick

Original Article

Posted By:AltaD, 10/1/2012 11:46:05 PM

Absent significant pension system reforms, it would cost the city an extra $1.5 billion a year beginning in 2016 to start the process of restoring financial health to its pension funds, aldermen were warned Monday. If those costs kicked in, services would be cut, taxes would soar or both. Continuing to rely solely on property taxes to cover pension costs would result in a tripling of the city levy, said Ald. Patrick O'Connor, 40th, chairman of the Workforce Development and Audit Committee. The tale of looming financial woe came at a six-hour hearing as part of Mayor Rahm Emanuel's

      


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Reply 1 - Posted by: Robinsolana, 10/1/2012 11:54:19 PM     (No. 8903414)

Corrupt and corrupting.
Where Obama learned his trade.

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Reply 2 - Posted by: wlit22z, 10/1/2012 11:56:45 PM     (No. 8903417)

The chickens are coming home to roost!

They can raise taxes and cut services, but they sure ain't gonna get any US tax money from the rest of us. It's their problem and they can fix it.

Next time an election rolls around, the voters can be more careful about who they elect and what they promise.

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Reply 3 - Posted by: jl80863, 10/2/2012 12:41:11 AM     (No. 8903455)

Just a bit more than what obama and the Mooch cost taxpayers last year.

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Reply 4 - Posted by: KTWO, 10/2/2012 12:55:15 AM     (No. 8903461)

$1.5b means it will probably cost twice or three times that much.

Politicians aren't well known for delivering bad news which can reflect upon them now.

So in summary: "Three or four years from now you will need a lot more money for a long time" says Alderman O'Connor.

And by that time that other Alderman should have worked out his fight with Chick-A-Fil.

If they need money in 2016 to fix pensions then they need money now to fix pensions. But now is so inconvenient.

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Reply 5 - Posted by: veritas, 10/2/2012 3:21:13 AM     (No. 8903521)

The bad news is that figure doesn't include the cost of investigations, court trials, and incarceration of the pols who built this mess.

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Reply 6 - Posted by: Trigger2, 10/2/2012 3:37:06 AM     (No. 8903524)

Does that $1.5B include the cost of that $1B teacher increase, courtesy of demonrats?

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Reply 7 - Posted by: Spidey, 10/2/2012 3:49:07 AM     (No. 8903531)

You can bet these people are on the phone every day with either Obama or Jarrett begging for a bailout. I'm sure they're being told to wait until after the election.$1.5 billion is peanuts compared to what Illinois really needs to get out of their pension mess.

Obama wants to use borrowed or printed money to create gov't jobs so they backfill the voids in pension plans.

The deal the Chicago teachers got was pure irresponsibility but they knew Rahm could be rolled. Christie told teachers he'll be home eating pizza until NJ teachers decided to go back to work.

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Reply 8 - Posted by: miceal, 10/2/2012 5:00:26 AM     (No. 8903551)

Ah, public sector unions....

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Reply 9 - Posted by: Semper Vigilant, 10/2/2012 6:49:18 AM     (No. 8903615)

$1.5 billion per year is pocket change in the Federal budget and that, given another four years for the Kenyan, is where and how this and the other nationwide public pension bottonless pits will be "solved."

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Reply 10 - Posted by: strike3, 10/2/2012 7:05:00 AM     (No. 8903643)

I too hear the faint flapping of chicken wings. Chicago and the entire state of Illinois are on their way down the slope and the mud is getting slicker. Businesses are leaving the state by the day. They might as well invite California and Michigan and have a joint pity party.

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Reply 11 - Posted by: sgtfox of the jarhead clan, 10/2/2012 7:56:43 AM     (No. 8903714)

Imagine 1.5 billion in a HUGE pile with Corrupt Chicago democrats laughing and playing in it. Imagine them slipping a few million into their undershorts while no one is looking. With no moral compasses nothing will hold them back. Now imagine every year a dump truck brings another pile to play in. Let the good times roll.

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Reply 12 - Posted by: MickTurn, 10/2/2012 12:06:51 PM     (No. 8904258)

The pensions are mostly a scam between the unions support politically and the crooked politician giving them what they want.

The solution is to make the politicians and political parties pay it all out of their own money. Only then will it stop the madness.

Sorry Unions, we are OUT OF MONEY! Have a nice retirement!

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