Friday, January 13, 2017

Why does the Chicago housing authority have a pension problem?

While tens of thousands of families languished on a waiting list for assistance, the Chicago Housing Authority paid off practically all of its debt and overfunded its pension plan, according to a report released Friday by the bipartisan Center for Tax and Budget Accountability.The agency also socked away hundreds of millions of dollars in cash reserves even as its ambitious plan to replace thousands of demolished public housing units lagged years behind schedule.
What public sector workforce do they hire?

Likely they have an army of repair workers who run around and replace faucets, shower doors, ix windows, and so on.  Why are these folks on public payroll? landlords can hire this work out, why not the housing authority?

So, what we have, really, is the federal government using federal tax dollars, from New York and California, to stuff pensions in Chicago.  These cheats will become more widespread until they turn into a stamped of unions seeking bailouts. Soon, New York will be a bailee, not a bailer.

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