AP: Chicago's pension funds for city workers, police officers and firefighters are about $19.5 billion short of what's needed to meet its current obligations.
The shortfall amounts to about $7,100 per Chicago resident. That's nearly eight times the per person cost of the unfunded pension liability in Detroit, a city that saw its population plummet in the years before it went into bankruptcy earlier this year. Add in the unfunded liability for Chicago teacher pensions, and the total shortfall jumps to about $27 billion.DETROIT CHICAGO ARE NOT UNIQUE, ALONE.
THIS IS WHAT HAPPENED TO THE USSR AND EVERYWHERE ELSE SOCIALISM TAKES HOLD; SOCIALISM IS THE ROAD TO SERFDOM: LESS LIBERTY AND LESS PROSPERITY.
OBAMA HAS THE NATION TRAVELING DOWN THIS PATH AT BREAKNECK SPEED.
IF WE DON'T REVERSE COURSE SOON, THEN THE USA WILL COLLAPSE AS SURELY AS THE USSR AND DETROIT DID.
IT'S 2014, OR NEVER.