Recently, we have been talking about the impending tsunami of unfunded pension liabilities across the country (some $3 Trillion) as states, cities and municipalities come face to face with the debt that has been created by very generous pension plans for government workers.
Last Thursday, Illinois Governor Pat Quinn signed the bi-partisan pension reform bill into law which requires cities to pony up more cash for law enforcement and firefighters pensions, which critics such as Chicago’s Mayor Daley believe will raise property taxes; in some cases as much as 60%. Whether through property taxes or another venue, the government is going to get your cash and we will be able to sit and watch the economy as it shrinks yet again. How’s your food storage comin’ along?
Happy Freakin’ New Year Illinois! (Everybody else…coming soon to a city near you…)
BTW, Pat Quinn loves the DREAM Act.