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News Link • Pensions

Each Household in Chicago Is Obligated to Pay Nearly $125,000 – Mostly in Pension Liability

• by ZeroHedge

This includes direct pension debt owed by the city government, Chicago Public Schools, the park district, Chicago's share of Cook County governments, five-state pension funds, and massive unfunded liabilities. This figure is nearly double what officials admit. Unfortunately, 27% of Chicagoans are in poverty, so the middle class will be stuck with an even bigger burden to make up for those that cannot pay. People are getting what they voted for, but are not yet aware of the magnitude of the crisis.

Chicagoans have no idea how much pension debt Illinois politicians have saddled them with. Officially, Windy City residents are on the hook for $70 billion in total pension shortfalls from the city and its sister governments plus a share of Cook County and state pensions.

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