My Blog

Tag: Pension Time-Bomb

  • One Word for CPS Teachers: Save

    Save. Save as much money as you can. Live well below your means. The pension time-bomb is coming. One of the most vexing problems for Chicago and its teachers went virtually unmentioned during the strike: The pension fund is about to hit a wall. The Chicago Teachers’ Pension Fund has about $10 billion in assets,…

  • IL Pension Hole Analysis

    I wrote this a few weeks ago as a comment on a retired teacher’s blog.  The post there was about how we need to “tax the rich” in order to fund the teachers’ pensions.  I was asked to comment on the post by a retired teacher I know.  Analysis follows: There is no one sided…

  • Eat the Rich vs. Obama

    I was reading this story: President Barack Obama will officially launch the battle over the impending fiscal cliff this morning, announcing a plan to extend the Bush-era tax cuts for people earning under $250,000, while letting the rest of the tax cuts expire. via Business Insider. This got me thinking about how much money will…

  • Bankrupt Stockton Chicago

    Yesterday’s news: Officials in Stockton said Tuesday that mediation with creditors has failed, meaning the Central California city is set to become the largest American city ever to declare bankruptcy.  … The river port city of 290,000 in Central California has seen its property taxes and other revenues decline, while expensive investments and generous retiree…

  • More Bad News on the Pension Crisis

    If I was Rahm I would so totally throw Daley under the bus on this issue. The debt from 10 Chicago-area pension plans swelled more than 600 percent to $27.4 billion between 2001 and 2010, according to a study released Monday by the nonpartisan Civic Federation. That’s $8,993 for each man, woman and child in…

  • JP Morgan: Public Employee Pension’s Set to Explode

    But they wanted to keep the story to themselves: JPMorgan recently circulated a “strictly confidential” report among leaders at the bank and with trusted hedge fund allies outside of the bank which details an impending public pension crisis. And we mean big time nastiness. Massive cuts in services will have to happen, or massive tax…