In exchange for those give-backs, the unions got a pledge by the cities to have their police and fire pension systems 90-percent funded by 2041 — a lofty goal for Chicago’s police and fire pension systems that now have less than have of the assets required to cover future liabilities. [Here’s the rest of the story]
There is no quick fix for this problem. I keep my promises or I just won’t make ’em. When I drive by Millennium Park or see one of those planters, I’m reminded of how our politicians really don’t know what a promise really means.