Monday, July 15, 2019

Quote of the day - Chicago pensions edition

Last Saturday I pointed out that my earlier predictions about Illinois and Chicago's pension crisis were proving to be precisely as I'd forecast.  The city is seeking a state bailout of its untenable position.  If it succeeds, I'll bet the state will seek a federal government bailout of its suddenly expanded pension obligations (which it already can't afford).

John Ruberry sums up the pensions plight of Chicago and Illinois in a single sentence:

That’s like having Puerto Rico transferring its financial problems to Venezuela.

Kinda puts things in perspective, doesn't it?



xmaddad1 said...

All of the City/States run by democrats have tied their futures to the public employee unions and vice versa. Let them all figure it out by themselves. Let the demoncrats beg the union thugs to give back the raises, pensions, and medical for life back.

Sam L. said...

The Feds are in the hole, too...

JaimeInTexas said...

Correction. We all are in that hole.