A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014.
Pension funds aren’t immune to the volatility of the stock market. Even before Brexit, Moody’s warned that low investment returns are already putting Chicago’s pension funds at risk. A major stock market correction or another recession just might put Chicago and CPS over the edge if their already-underfunded pension systems collapse.
The pension problem was created and has been fueled by weak politicians – men and women who decided their next elections were more important than the next generation.
If AFSCME workers cannot be paid in the absence of a budget appropriation, pressure will be turned up on the governor to agree to the union’s unreasonable demands.
A new Illinois Policy Institute analysis finds that adults with no spouse and living with children are most likely to live below the poverty line. Education matters just as much.