Rahmaland Pension Shortfall: $1 Billion by 2015

Chicago Mayor Rahm Emanuel released the city’s second Annual Financial Forecast. Not only does the report predict a $369 million financial shortfall for the city's operating "budget" in 2014, but it also predicts a shortfall of more than $1 billion by the year 2015, reports Breitbart.

From the city's report:

Even under optimistic projections, the City will continue to experience a sizable annual operating budget shortfall for several years. This is in part a product of the City’s longstanding structural deficit and makes evident the need to continue the difficult process of reforming government to bring operating costs in line with revenues in 2014 and beyond. However, the legacy cost of pension obligations more than doubles the size of the City’s projected gap in 2015 and 2016. Substantive pension reform could significantly reduce the impact of these costs on the City’s budget over the coming years; however, such action must occur at the State level, as the City’s pension funds are governed by state law