Chicago pension reform — what is plan B?
The financial situations for the city of Chicago and the state of Illinois are by now exceedingly clear: both are swimming in debt. The state’s figures stand at $164 billion, and the city’s combined debts are $87 billion, with most of this attributable to unfunded public employee retirement systems. Cutting these liabilities is essential for either, but as both the city and state learned recently, it won’t likely happen through the courts, suggesting that they better find a new plan.
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