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Beware Pension Liabilities

September 23, 2015 By Debbie Young

What happens when cities do not reform pensions? Or when government unions, refusing to compromise on pensions and retiree health care, insist that the wealthy pick up the tab? Welcome to Chicago, with its $33 billion in unfunded pension liabilities. Chicago Mayor Rahm Emanuel is now proposing gigantic tax increases in a city already heavily burdened with taxes. Mr. Emanuel is looking for an increase of $588 million in property taxes, to be phased in over four years. The revenue from the increase in taxes will do little or nothing to improve city services. Instead the money will fund pensions for firemen and policemen.

As the WSJ notes, “there aren’t enough rich to soak, so now Mr. Emanuel is whacking middle-class homeowners.”

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Debbie Young
Debbie Young
Debbie, our chief political writer of Richardcyoung.com, is also our chief domestic affairs writer, a contributing writer on Eastern Europe and Paris and Burgundy, France. She has been associate editor of Dick Young’s investment strategy reports for over five decades. Debbie lives in Key West, Florida, and Newport, Rhode Island, and travels extensively in Paris and Burgundy, France, cooking on her AGA Cooker, driving through Vermont and Maine, and practicing yoga. Debbie has completed the 200-hour Krama Yoga teacher training program taught by Master Instructor Ruslan Kleytman. Debbie is a strong supporting member of the NRA.
Debbie Young
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