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'Chicago, June 21, 2011– Cook County taxpayers are on the hook for a staggering amount of local debt, according to figures presented by Cook County Treasurer Maria Pappas today.
Cook County’s numerous local governments face mounting debts totaling more than $108 billion.
And, for the first time, specific figures have been collected for municipal unfunded pensions obligations totaling in excess of $25 billion, almost a quarter of debt countywide.
The total figures translate into an average debt-per-household in the city of Chicago of $63,525, and $32,901 in the suburbs.'
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The total figures translate into an average debt-per-household in the city of Chicago of $63,525, and $32,901 in the suburbs.'
Man, I'd hate to get that bill in the mail. But seriously, I think the government (Federal and any state that is in debt) should send out a notice every year, preferably before each election, reminding each voter of how much money each person owes. The Feds could do it like they send out that notice of how much social security we each have contributed (and stupid people they they have 'sved up' waiting for them). When people realize "I can't pay that" then they will start to see the scope of the problem and start demanding the government live within its means.
Man, I'd hate to get that bill in the mail. But seriously, I think the government (Federal and any state that is in debt) should send out a notice every year, preferably before each election, reminding each voter of how much money each person owes. The Feds could do it like they send out that notice of how much social security we each have contributed (and stupid people they they have 'sved up' waiting for them). When people realize "I can't pay that" then they will start to see the scope of the problem and start demanding the government live within its means.
With the advent of the federally mandated nutrition label on everything we eat, why not do the same for tax liabilties?
Along with that debt, there is a staggering amount of corruption in Cook County and it will take nothing short of a militia to get rid of it.
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