How would you like to be Mayor Rahm Emanuel of Chicago? It has the worst pension crisis of any major U.S. city, the Associated Press reported. Chicago’s pension systems have just 35 percent of the money needed to pay benefits.
Without relief, the city’s pension payment next year could be about $1 billion — an increase roughly equal to the annual cost of having 4,300 police officers on the street or raising property taxes 150 percent. Mayor Emanuel has a plan to help meet the shortfall by nearly $20 billion by reducing worker benefits and raising property taxes, but that would address only half the problem.
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