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Illinois has one of the worst pension messes in the nation as the cost of government employee benefits is sending state, county, and local governments into bankruptcy crises all across the state. No place has more trouble than Chicago, prompting Mayor Rahm Emanuel to warn that property taxes will have to double to serve that spiraling debt.
In 2015 Chicago faces a looming financial disaster with a municipal pension system that is in worse shape than that of any other major U.S. city. Chicago is under the gun for a whopping $1.07 billion balloon payment on its $19.4 billion pension debt for city employees. Chicago's mayor is struggling to figure out how to pay the balloon payment, which is equal to one third of the city's entire budget. According to The Wall Street Journal, the balloon payment alone could pay for the salaries of the Chicago Police Department's entire 4,300 officer force or for the re-paving of all 16,000 blocks of roads in the city.
What makes these shortfalls happen? Corruption? Mismanagement?
So the US spends almost $700 billion in defense/military spending, almost $50 billion in foreign citizen/military aid.
A major city needs $2billion to pay pensions and the feds wont help.
Detroiters are getting screwed out of their pensions too.
If he is able to do this and it is at all successful, it has a good chance of spreading to other cities in need.
Maybe even become federal.