The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas.Who the hell runs this pension? Bernie Madoff?
Suburbanites are deeply in the red, too, with the average household owing $32,901, according to the treasurer.
Among the biggest reasons: $25 billion in unfunded pension liability.
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1 comment:
Pensions are the sickness. They have undefined funding and undefined payouts. They are giant buckets of money that politicians can reach into to pay off voters. Never has there ever been a system that was more ripe for abuse.
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