8.14.09
As I have mentioned numerous times in the past, there is a coming pension crisis which may cost you plenty. Across the USA, many cities and states’ pensions are woefully underfunded due to an expanded retiree base and plunging stock market.
For cities and towns, the shortfall will likely have to be funded from increasing property taxes since these pension contracts must be honored. In Chicago, the public school system is requesting a (small) property tax increase to fund budget shortfalls:
Even though this requested increase is small, we are at the start of the problem. This could get much worse and cost you plenty. Evaluate your city/town and see if there is a risk that your property taxes may increase. If so factor this into your future budget planning!
Chris Grande
