December 30, 2013
Calling the Chicago pension crisis the worst in the nation is saying something – like, how bad can it get?
The city’s underfunded pension system for teachers, firefighters, police, and transit workers threatens to punch a hole in the city budget that would devastate city services. The teachers’ alone are $1 billion short of funds, while the city as a whole is looking at a whopping $27 billion shortfall.
The state of Illinois is even worse off with more than $100 billion in unfunded pension liabilities. Where is the money going to come from to fix the problem?