Tuesday, June 21, 2011

Forget the Greek Financial Crisis, Checkout Chicago

The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas, reports Greg Hinz at ChicagoBusiness.com.
Suburbanites are deeply in the red, too, with the average household owing $32,901, according to the treasurer.

Among the biggest reasons: $25 billion in unfunded pension liability.

It's only a matter of time before state and local municipalities in the U.S. start to default on pension liabilities.

1 comment:

  1. We long-suffer residents of Illinois can only hope that the crooked DuPage County Republicans and C(r)ook County Democrats will have to find jobs in the private sector — and soon because the checks start bouncing.

    Unfortunately people working for government will suffer first because they believed the lies of these thieves.

    My fear is that the State government will make our lives miserable first with even higher taxes. Argh!