by Mike ‘Mish’ Shedlock
New accounting rules show Chicago has understated its pension liabilities by $11.5 billion.
At the end of 2015 the stated liability was $7.1 billion. Today it’s $18.6 billion. That’s a jump in net liabilities of 168%.
Mayor Rahm Emanuel has hopes pinned on union concessions and help from the state legislature. Neither is likely.
Out of Money in 10 Years
Bloomberg reports Chicago’s Pension-Fund Troubles Just Became $11.5 Billion Bigger.