This article appeared online at TheNewAmerican.com on Monday, May 30, 2016:
Chicago’s pension contributions to its four dreadfully underfunded pension plans were supposed to double this year to $1.1 billion, up from $478 billion in 2015. But state legislators passed a bill (which had been bottled up for nearly a year) to cut that back to under $900 million. On Friday Illinois Governor Bruce Rauner (above) vetoed the bill, expressing in no uncertain terms that he was tired of politicians kicking the can down the road:
By deferring responsible funding decisions until 2021 and then extending the timeline for reaching responsible funding levels from 2040 to 2055, Chicago is borrowing against its taxpayers to the tune of $18.6 billion.
This practice has got to stop. If we continue, we’ve learned nothing from our past mistakes.
Those past “mistakes” have got Chicago Mayor Rahm Emanuel in a pickle.