Wednesday, July 24, 2013

Chicago Running Out of Money: Retired city workers file lawsuit over shift to Obamacare

Fox News Chicago reports:
Retired city workers are asking a judge to block Mayor Emanuel from making them rely on Obamacare for their health insurance. It could cost Chicago taxpayers hundreds of millions of dollars. This affects most city retirees and it underscores how, after decades of grotesque financial mismanagement, the only choices left are painful ones. A spokesman for the lawsuit was a retired cop, wounded several times in the line of duty. Public employee unions hope that angry taxpayers staring at a doubling or even tripling of City Hall's property tax will empathize with Mike Underwood.
How bad are things in Chicago?
The 62-year-old cop who was once named a Shoreline Hero by a North Side neighborhood group said he now faces co-pays of $750 a month for his and his wife's health insurance. He doesn't want to pay more. "The mayor doesn't know, nobody knows what Obamacare entails, what it's gonna cover, how much it's gonna cost," Underwood says. "Nobody knows. It's a question the President of the United States couldn't answer." With City Hall's four pension funds facing an unfunded liability of about $20 billion, the police fund has barely 30% of the money it needs, there are only painful choices ahead.
The next Detroit????