A falling population means the city’s massive pension debts are falling on a smaller base of taxpayers. That’s bad news enough.
But another key demographic – the ratio of active government workers to pensioners – is even more concerning.That ratio, which equaled 1.4 actives for every pensioner in 2005, has collapsed to nearly 1.05. And if the trend continues, in just a year or two there will be more pensioners draining money from the pension funds than active workers putting money in.
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Can you spell “unfunded liabilities”?
Clearly, this is the USA’s problem writ large!
The current 121T+ national debt and the guesstimated 200T+ in unfunded liabilities is something that our posterity will have to deal with; not just the Chicago / Illinois taxpayers.
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