Lori Lightfoot's Chicago: 1.4 billion of the cities 1.7 billion dollars of property tax goes to pension.. (salaries, party)

[lovecrowds]

1.4 billion dollars out of the city of Chicago property tax levy of 1.7 billion dollars goes to pensions!

Even the massive stock market bubble, the pensions are only 34% funded.

300 million for city services and 1.4 billion dollars for pensions.

https://www.illinoispolicy.org/light...t-to-pensions/

[hawkeye2009]

Originally Posted by lovecrowds

1.4 billion dollars out of the city of Chicago property tax levy of 1.7 billion dollars goes to pensions!

Even the massive stock market bubble, the pensions are only 34% funded.

300 million for city services and 1.4 billion dollars for pensions.

https://www.illinoispolicy.org/light...t-to-pensions/

What could go wrong?

As long as there are democrat presidents and democrat legislatures, Illinois will be bailed out by the dems at the expense of responsible states.

More evidence we need to separate ourselves from the insane dems.

[mattja]

That's the only way they can get anyone to be a cop in Chicago. Big, fat pensions.

Same with Los Angeles, San Francisco, Houston, Atlanta, NYC and every other Democrat-run cesspool in America.

California has $1.5 trillion in unfunded public pensions.

https://www.thecentersquare.com/cali...%20Foundation.

[Mathguy]

My late FIL had one of those gold plated pensions (teacher).

They've revised a lot of the pension programs and even tried to reduce peoples pensions but that part was (rightfully) deemed unconstitutional.

The unfunded public pension problem is nationwide and not just a democrat thing.

[UrbanQuest]

These states need to adopt the feds pension system.
Not elaborate, but fair enough.

[TMSRetired]

That's one reason people are moving. Their tax dollars in these types of cities are going more and more towards pensions/salaries than services for the people.

[Mathguy]

The unfunded liability to GDP ratio is a good way of noting where there is a real problem.

The national average is around 4.5%.

CA despite having a large $$$ amount is only around 7%.

AK, MS, HI, CT, IL, KY, NJ are 15-20% the worst tier.

And then there is NM which is the outlier at close to 30% in a league of their own.

Dot chart about 4th visual aid down in the article.
https://equable.org/state-of-pensions-2021/

[beach43ofus]

When Detroit went bankrupt, the state of Michigan helped them reorganize their debt, & prevented the Detroit pensioners from getting totally stiffed. They all had to take painful reductions in their pensions payments though.

When Chicago goes bankrupt, Illinois will be in no financial condition to help bail Chicago out, because Illinois is in allmost as bad financial shape as Chicago.

Its just my opinion, & nobody can prove, or disprove it, but I believe that many Hundreds of Billion's of all the stimulus Trillion's dating back to the one that was done on Bush's way out the door, have gone to try to bail out all of these failed gov't pension plans. I believe that someday, it will all come out into the open.

I would not want to be relying upon a gov't pension for my retirement if I lived in Chicago, the state of Illinois or ew Jersey...those are essentially underwater...Ponzi schemes that have imploded.

[FrankNSense]

Originally Posted by Mathguy

The unfunded liability to GDP ratio is a good way of noting where there is a real problem.

The national average is around 4.5%.

CA despite having a large $$$ amount is only around 7%.

AK, MS, HI, CT, IL, KY, NJ are 15-20% the worst tier.

And then there is NM which is the outlier at close to 30% in a league of their own.

Dot chart about 4th visual aid down in the article.
https://equable.org/state-of-pensions-2021/

I did not read the entire report but I don't know where they are getting some of their numbers. California is nowhere near only 7% underfunded. They are hovering around 28% underfunded. Which was down about 10% from the previous "banner" year, but that means even in the banner year they were only 82% funded. With this loss they don't expect to be able to get to fully funded until around 2046...that is a problem.

https://www.sacbee.com/news/politics...264100246.html

https://www.latimes.com/business/ast...reat-recession

CalPERS, which provides retirement benefits to more than 2 million members with the largest public pension fund in the U.S., reported investments in stocks dropped 13.1% in value. Fixed-income investments, such as bonds, fell 14.5%. These “public market investments” make up nearly 80% of the fund.

As a result of the overall loss, the fund ended the fiscal year with 72% of the money it needs to meet all its financial obligations.
After a banner 2020-21 fiscal year, the system was 82% funded.

You can debate the reason why they are underfunded, but it doesn't take away the fact that they are underfunded, and most of the issues with severe underfunding are in more "Blue" States and Cities.

[RamenAddict]

Originally Posted by FrankNSense

I did not read the entire report but I don't know where they are getting some of their numbers. California is nowhere near only 7% underfunded. They are hovering around 28% underfunded. Which was down about 10% from the previous "banner" year, but that means even in the banner year they were only 82% funded. With this loss they don't expect to be able to get to fully funded until around 2046...that is a problem.

https://www.sacbee.com/news/politics...264100246.html

https://www.latimes.com/business/ast...reat-recession





You can debate the reason why they are underfunded, but it doesn't take away the fact that they are underfunded, and most of the issues with severe underfunding are in more "Blue" States and Cities.

Jacksonville has 25% of FL’s unfunded pension debt. The mayor is a republican. The reality is that many of these unfunded pension debts started decades ago and the current mayor (regardless of party) isn’t going to be able to suddenly fix it.