Tuesday, July 19, 2011
Cook taxpayers owe $108 billion, county Treasurer Pappas says"
This may be an exception, but, somehow, I suspect many other states, cities, and municipalities, have similar situations...
Greg Hinz tells this ugly story at ChicagoBusiness.com:
"The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas.
Suburbanites are deeply in the red, too, with the average household owing $32,901, according to the treasurer.
Among the biggest reasons: $25 billion in unfunded pension liability."
