Sunday, October 7, 2012

Chicago still "kicking the can"

Chicago--better read the fine print--

Read Rahm’s lips: No new taxes in next city budget - Chicago Sun-Times: "By holding the line on new revenue for now, Emanuel is also holding open the possibility that a massive tax increase of some kind will be needed to solve the city’s pension crisis — even if union leaders ultimately agree to pension reforms. Ald. Pat O’Connor (40th), the mayor’s City Council floor leader, is scheduled to hold a day-long hearing on the pension crisis on Monday, featuring testimony from the five city employee pension funds. “You can’t fix this with money alone. That would forestall a financial Armageddon. But, the model is not sustainable. There are structural problems that must be addressed,” O’Connor said."

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