City Pension Crisis Called ‘Ticking Time Bomb’
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CHICAGO (CBS) – Yet another warning has been issued about Chicago’s looming public pension crisis.
As WBBM Newsradio 780′s Regine Schlesinger reports, the Civic Federation is out with a new report, showing the growing burden on the city’s taxpayers.
LISTEN: Newsradio 780′s Regine Schlesinger reports
“It is a ticking time bomb. It is actually the Big Ben of warning signs,” said Civic Federation president Laurence Msall.
Researchers at the independent think tank compared the unfunded Chicago pension obligations from 10 years ago to those now.
“It’s been an astonishing 600 percent increase in unfunded liabilities of the total fund,” Msall said.
Together with Chicago’s share of state pension debt, broken down for capita, the obligation of every man, woman and child in the city soars five times, form $2,400 to just under $12,000.
Msall says the looming pension will confront whoever wins Chicago’s mayoral election.