Our nation's debt is literally indenturing our children to our international debt holders, but most Americans don't care because they are more concerned about the latest saga involving Snooki on Jersey Shore rather than what really matters, our country’s future.

Wednesday, June 22, 2011

Every Chicago household’s share of local govt. debt: $63,525 - Chicago Sun-Times

Currently each citizen of Chicago is already on the hook for $11,353.00 in state debt and $46,354.00 in federal debt so whats another $63K. 

Is it really a surprise that our President, a product of the Cook County democratic machine, took our debt from $9 Trillion to $14 Trillion in just three years when Chicago is this f*cked.

Calling local government debt “staggering,” Cook County Treasurer Maria Pappas announced Tuesday that the $108 billion debt tab across various governing bodies in the county translates to $63,525 per Chicago household and nearly $33,000 per suburban household.

The data, collected thanks to a beefed up county ordinance on debt disclosure, includes a first-time detailed look at pension liabilities for Cook County municipalities and taxing districts reported, which total more than $50 billion. The unfunded pension liabilities add up to $25 billion — nearly a quarter of the overall debt countywide.

“We knew that debt and unfunded pension obligations were serious problems at the state and federal level and assumed that a similar pattern would follow at the local level. But, quite frankly, I was stunned by the depth of the crisis for local governments,” Pappas said in a statement on the Treasurer’s website.

Lawrence Msall, president of the tax watchdog group Civic Federation, said his board just received the report and couldn’t provide an analysis of the numbers, but said the numbers help residents ask better questions about how their elected leaders spend hard-earned tax dollars.

“We applaud the treasurer for making the effort and making public the first time the detailed information on pension liabilities for the more than 500 units of local government,” Msall said. “Citizens can take this information and ask elected officials about what they plan to do about the growing liabilities and underfunded pension systems. I think what’s clear is it’s enormously expensive to have so many service districts that provide in some cases duplicate or overlapping services.”
Every Chicago household’s share of local govt. debt: $63,525 - Chicago Sun-Times

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