Chicago has pension woes. The city government, over time, accrued 36 billion dollars of unfunded pensions. With the ability to pay 21 cents on the dollar, the city is looking for another way to continue the madness.
After reading the article linked above, anyone with a little acuity will realize this is not different than borrowing money to use at the casino, where the gambling debt is already more than the money borrowed, and the outcome will only partially pay the debt. If the roll of dice is successful, everything gets better. If not, the knees might become a little sore.
Chicago is only one of the major cities in the U.S. with pension problems. For those that think they'll have the pension as planned, they might want to look at other sources of retirement income.
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