For years the politicians of Chicago have promised the moon to the unions in the form of gold-plated pensions. They just never funded any of them. And the good people of Chicago went along for the ride, secure in the idea that the bills would never come due. Well, as they say, the day of reckoning is at hand. Cook County property tax bills cause outrage
The bills that arrived over the weekend reflect rising Cook County real estate values and, in Chicago, the city’s $588 million levy increase. Most of it is to restore police and firefighter pensions that Mayor Rahm Emanuel says his predecessors underfunded.
They quote one guy who said his taxes went up 5 times, as a result of new appraisals and new taxes.
The funding for the teacher’s union has yet to hit. Expect more screaming next year when the additional 250 million dollar levy hits.
“Something that can’t go on forever, won’t.” † You can’t continue to promise the moon, and never put anything aside in terms of funding those promises. Anybody can see that. Anybody except Chicago politicians, that is.
(† A misquote of Stein’s Law.)