“Wealthy” Chicago households on the hook for up to $2M in debt each under progressive pension fix

Chicagoans owe $150 billion in state and local retirement debts, based on Moody’s most recent pension data. Split that evenly across the city’s one million-plus households and that comes to nearly $145,000 per household.

That’s already a massive amount, but if Lightfoot and other politicians want to try a more “progressive” solution to paying off that debt, the per household debt numbers jump even higher.

For example, if politicians demand that only households with incomes of $75,000 or more pay down the debts, the burden on those households would total an impossible $393,000 each.

And if politicians tried a progressive scheme that targeted only those households earning $200,000 or more? The burden per household would come to an impossible $2 million each.

Some wealthy residents would flee, making the burden more unbearable for those who remain.

Learn more here: https://wirepoints.org/wealthy-chicago-households-on-the-hook-for-up-to-2-million-in-debt-each-under-progressive-approach-to-pension-crisis/
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