Chicago Next Muni Bankruptcy? Warning Signs Another Domino About To Fall.
Chicago (just the city) has a pension fund the is $19.5 Billion short. How does one city get that many retired govt employees?? Or has Chicago, like Detroit, been gambling in the Swaps market with pension funds?
But looming beyond Mr. Emanuel’s somewhat unsurprising $6.97 billion budget for 2014 are circumstances far more ominous: a pension system that is short by $19.5 billion and to which, starting in 2015, the city will be required to make far larger contributions, threatening to leave Chicago hundreds of millions of dollars in the red.
In order to keep up with the pension payment, not to pay them off, Chicago would have to double property taxes.
Pretty dire straits. These broke cities will pop up all over the country because they have been gambling in the derivatives market.
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