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“I will not rest until we fix the fiscal position of both the city and (Chicago Public Schools),” the mayor told the National Federation of Municipal Analysts annual conference. But some attendees were skeptical.

Comment: Bankruptcy is unavoidable, though it may not happen for 3 – 4 years.

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Dr X

Mark, hasn`t the mayor put the retirees on their own when it comes to healthcare?

Correction to article: Unfunded pension Liab is $20B without counting Chicago Public School system’s $10B. So actually $30B. Accd Liab is $50B, Assets $20B. But that Liab is calc’d as if assets will earn 7.75% forever. If assets actually earn 5.5% or 5.75%, which is more likely………then the Accd Liab is $65B, and therefore Unfunded Accd Liab is $45B. Folks, this is nearly 10x the current annual $5.5B payroll for the 80,000 city ‘ees. It’s essentially ‘game over’. Shame on Rahmbo for raising taxes to attempt to solve the problem. It’ll just make it worse for the private sector taxpayers, and won’t even come close to solving… Read more »