Chicago as a case in point. Democratic rule for almost ninety years and that particular Republican was just as bad - William Hale Thompson. From WirePoints:
“Wealthy” Chicago households on the hook for up to $2 million in debt each under progressive approach to pension crisis
Chicagoans are buried under so much pension debt it’s impossible to see how their city can avoid a fiscal collapse without major, structural reforms. The futility of paying down those debts becomes obvious when you try to figure out just who’s going to pay for it all.
The total amount of city, county and state retirement debt Chicagoans are on the hook for is $150 billion, based on Moody’s most recent pension data. Split that evenly across the city’s one million-plus households and you arrive at nearly $145,000 per household.
That’s an outrageous amount, but it would be a clean solution if each and every Chicago household could simply absorb $145,000 in government retirement debt. The problem is, most can’t.
I would be packing my bags if I lived there. Time to get out and move to a more rationally governed place.
Leave a comment