THIS IS A BOMB THAT IS GOING TO HIT! You can thank our politicians from 10 or 20 years ago, who kicked the can down the street.
In the Chicago City Council discussion Tuesday about the budget it passed, Mayor Emanuel was asked what the plan is to deal with big looming pension payment spikes. We have never run away” from doing what’s needed and “when we have to come to that moment…will answer that question.” That’s according to a Tweet by The Bond Buyer’s Yvette Shields.
In other words, he doesn’t have an answer. Nobody does. Neither does Rahm lose sleep as he won't be the mayor when this spike hits. He will be back to the north shore working for some investment house.
What that’s referring to is the up-ramp in taxpayer pension contributions that the city faces starting next year, haven gotten the legislation it wanted this year to kick the can on payments it couldn’t make. That ramp is below. It extends only to the years shown because the city hasn’t even provided the numbers for further years. The question was asked by the Sun-Times’ Fran Spielman. Why she didn’t emphasize that statement by Rahm in her article about the meeting is distressing.