Tag Archives: Bankrupt

Chicago Levies PlayStation Tax To Pay For Bankrupt Municipal Pension System And Massive Deficits – Confounded Interest

Chicago IL (should be ILL) is the poster child for an insane pension program (mostly to municipal workers and public school teachers). But not only in the city of Chicago, but the state of ILLinois as well. Consider that the unfunded liability in the state’s combined retirement systems has risen in 11 of the state’s past 12 years—despite a roaring ...

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Bankrupt Philadelphia Plunders Its Property Owners For Cash

The city is now filing liens on homeowners, for, unpaid gas utility bills, and not unpaid to the tune of $1,000s, but low $100s. Here’s more… by Simon Black of Sovereign Man Like a lot of major cities in the United States, Philadelphia is in pretty rough financial condition. One of the city’s biggest problems is its woefully underfunded public ...

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