Emanuel's Chicago Is On Path To Be The Next Detroit
From the Investors Business Daily
Chicago appears to be following Detroit's lead to financial disaster, perhaps the latest victim of decades of one-party rule by Democrats eager to redistribute wealth while driving real wealth creators out of cities.
Moody's Investors Service downgraded the Windy City's credit rating by three notches last week, partly the result of $19 billion in unfunded pension debt, leaving Chicago's lower than 90% of Moody's public finance ratings.
Among the nation's five largest cities, Chicago has put aside the smallest portion of its looming pension obligations, according to a study issued this year by the Pew Charitable Trusts.
The condition of Chicago's four city employee pension funds is growing desperate.
The firefighter pension fund has assets to cover just 25% of liabilities, followed by police (31%), municipal employees (38%) and laborers (56%). The city's four funds for retired city workers are short by $19.5 billion.
Pew also reports Chicago's retiree health benefits are exactly 0% funded, with not a single dollar against a $1 billion liability. The city's retirees could wind up in thrall to ObamaCare.
Read more in our daily News Update...
From the Investors Business Daily
Chicago appears to be following Detroit's lead to financial disaster, perhaps the latest victim of decades of one-party rule by Democrats eager to redistribute wealth while driving real wealth creators out of cities.
Moody's Investors Service downgraded the Windy City's credit rating by three notches last week, partly the result of $19 billion in unfunded pension debt, leaving Chicago's lower than 90% of Moody's public finance ratings.
Among the nation's five largest cities, Chicago has put aside the smallest portion of its looming pension obligations, according to a study issued this year by the Pew Charitable Trusts.
The condition of Chicago's four city employee pension funds is growing desperate.
The firefighter pension fund has assets to cover just 25% of liabilities, followed by police (31%), municipal employees (38%) and laborers (56%). The city's four funds for retired city workers are short by $19.5 billion.
Pew also reports Chicago's retiree health benefits are exactly 0% funded, with not a single dollar against a $1 billion liability. The city's retirees could wind up in thrall to ObamaCare.
Read more in our daily News Update...