Public employee time bomb: When Chicago screams ‘uncle’ you know things are bad
This might be the biggest tell yet that the fiscal time bomb that is the unsustainable cost of public employees is about to go off.
Chicago Mayor Richard M. Daley, a free spender himself, is yelling bloody murder at fellow Democrat, Illinois Gov. Pat Quinn, for imposing "the largest property-tax increase in the history" of the city by signing a pension-overhaul bill into law.
Property taxes in Chicago will go up 60%. Chicago's annual contribution for police and firefighter pensions will rise from $309 million to $856 million over 25 years.
This action places “a tremendous burden on Chicago taxpayers”.
Well, no kidding, Mayor Sherlock. Where have you been all these years?
