Cook Co taxpayers owe $108 billion, county Treasurer Pappas says: Greg Hinz
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The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas.
Suburbanites are deeply in the red, too, with the average household owing $32,901, according to the treasurer.
Among the biggest reasons: $25 billion in unfunded pension liability.
In comments after an appearance Tuesday before the Civic Federation, a watchdog group that has released somewhat similar numbers in recent years, Ms. Pappas said she was "stunned" to learn that county taxpayers on the whole owe more than $108 billion toward local debt.
Can't afford to pay for 5 employees when only one is working