Huge Dem-run city on verge of bankruptcy thanks to ultra-generous public sector pension scheme

A Midwestern city has fostered a rocky financial situation by offering extremely generous retirement benefits to public workers, experts say. Chicago's projected budget deficit is a whopping $982.4 million, according to The Civic Federation. Despite several tactics to save the city from bankruptcy, politicians have failed to get to the root of the issue - increasing pension payments to Chicago's more than 40,000 public employees. 'Retirement benefits are like free junk food to politicians - everyone loves them, and the bills don't arrive until later,' Andrew Biggs, a senior fellow at the American Enterprise Institute, wrote in a New York Times opinions piece.
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Huge Dem-run city on verge of bankruptcy thanks to ultra-generous public sector pension scheme