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Thread: Cook Co taxpayers owe $108 billion, county Treasurer Pappas says: Greg Hinz

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    Cook Co taxpayers owe $108 billion, county Treasurer Pappas says: Greg Hinz

    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.
    Read more: http://www.chicagobusiness.com/secti...#ixzz1Q4Au8mfc
    Can't afford to pay for 5 employees when only one is working

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    Quote Originally Posted by Jetdawgg View Post
    Read more: http://www.chicagobusiness.com/secti...#ixzz1Q4Au8mfc
    Can't afford to pay for 5 employees when only one is working
    This will go no where...the "civil service" dominated country who ALL have a close family member collecting a government pension or disability at age 50 or less see nothing wrong with it.

    There is NO industry that could survive under this business model. NONE.

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    Quote Originally Posted by southparkcpa View Post
    This will go no where...the "civil service" dominated country who ALL have a close family member collecting a government pension or disability at age 50 or less see nothing wrong with it.
    Interesting. Tell us more about this please.

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    New rules are needed, but you can't pay govt employees sub-market wages, no pension AND healthcare options like you'd find in a corporation.

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    Quote Originally Posted by southparkcpa View Post
    This will go no where...the "civil service" dominated country who ALL have a close family member collecting a government pension or disability at age 50 or less see nothing wrong with it.

    There is NO industry that could survive under this business model. NONE.


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