Posted on 09/23/2012 5:20:32 AM PDT by TigerClaws
One of the most vexing problems for Chicago and its teachers went virtually unmentioned during the strike: The pension fund is about to Hit a wall.
The Chicago Teachers’ Pension Fund has about $10 billion in assets, but is paying out more than $1 billion in benefits a year — much more than it has been taking in. That has forced it to sell investments, worth hundreds of millions of dollars a year, to pay retired teachers. Experts say the fund could collapse within a few years unless something is done.
(Excerpt) Read more at nytimes.com ...
From the pictures we saw during the strike, the teachers should go on a hunger strike next go-around. They could last for at least a year.
Not to worry. The fund should buy government bonds paying 10% and there will be no problem. The rates will rise to tat level with QE4
It's always nasty when truth and reality come crashing down on the delusional--especially those caught up in mass delusion.
These situations just blow my mind. I think it’s time to let cities, counties and even whole states reap what they’ve sown over the years and file for bankruptcy.
Nah, that won’t work. The Takers & Unionistas will just move to states where we Makers still have cash until they drain away all of our resources, too.
Damn.
Well, there is a rather obvious solution.
Tax the rich.
That can they keep kicking is getting pretty flat and isn’t going anywhere near as far....the day of reckoning is drawing near!!
“Next School Crisis for Chicago: Pension Fund Is Running Dry”
No worries here, folks, none at all!
We’ll just raise taxes on the downstaters to keep that pension money flowin’ in!
Time for another Stimulus.
They should be eating those healthy meals in the cafeteria that the kids are forced to eat.
My property taxes continue to skyrocket. I assume its that way all across the country. Before any city files for bankrupcy, they will bleed the property owners dry.
In some forgotten post yesterday, a Floridian was bragging about his low property taxes with the admonishment that "We [Florida property owners] vote the rascals out" if they pull stuff like the BS in Chicago.
Canada is really, really so close...
But wait...
There will be no QE4, didn’t you hear?
QE3 is infinite.
We are saved.
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