The state of Illinois admits to $83 billion in pension underfunding, a staggering weight on today's and tomorrow's taxpayers. Add to that the as yet uncalculated billions in unfunded pension obligations for city, county and other local governments. During a Tribune forum
Wednesday, Mayor Rahm Emanuel explained how that overhang — some estimates run far higher — deters businesses from locating in Chicago: Companies don't want to buy shares in a phenomenal
tax burden that will unfold over decades.
One nice thing about pension obligations: When you know the number of employees and their ages, the actuarial estimates start falling into place. The mystery is the investment return a pension fund will earn over time.
That's what I find so interesting about the liberal hate on corporations. See, as corporations make money they do shitty things with those profits..........like putting money into pension plans.
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