Chicago Pension Liabilities Jump 168%, Understated By $11.5 Billion…(Toast!)
by Tyler Durden
ZeroHedge.com
05/20/2016
New accounting rules show Chicago has understated its pension liabilities by $11.5 billion. At the end of 2015 the stated liability was $7.1 billion. Today it’s $18.6 billion. That’s a jump in net liabilities of 168%. Mayor Rahm Emanuel has hopes pinned on union concessions and help from the state legislature. Neither is likely. Let’s stop pretending there is another solution, because there isn’t.
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