The Chicago Tribune reports on Chicago's public pension disaster:
Absent a city pension overhaul, the fund for retired city firefighters would become insolvent in nine years, according to a city report issued two years ago. The police pension would go broke four years later. Funds for city laborers and municipal workers would be broke by 2030.
There's more:
A state law approved a couple of years ago requires the city to start making payments by 2015 to fully fund the police and fire funds. The city now uses property taxes to cover pension costs, and without changes, aldermen were told they would have to raise that unpopular tax by up to 80 percent.
Great moments in one-party governance.
