“The Gigantic Financial Tapeworm”

Warren Buffett:

“Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made…During the next decade, you will read a lot of news—bad news—about public pension plans…Local and state financial problems are accelerating, in large part because public entities promised pension they couldn’t afford.”

Fortunately for Illinois public employees, their tapeworms are protected by the state constitution.


Author: qcexaminer

None of your damned business.

4 thoughts on ““The Gigantic Financial Tapeworm””

  1. It would be tough for Chicago to go the bankruptcy route since that would wipe out all those juicy union pensions and well—I just don’t think that will happen in leftwing wacko Chicago.

    On the other hand there isn’t much more taxing they can do either—people have been fleeing to the suburbs—and even Rockford to escape the statist government and high taxes of Chicago.

    A rock and a hard place—fight Big Labor or drive taxpayers away. Either way—or both, it ain’t gonna be purdy.

  2. Possible, not possible – who knows. Who would have thought Detroit would be in the financial position it finds itself currently in. Nobody is too big to fail. In fact my belief has always been the bigger subject, the more opportunity for failure.

  3. Either way, agree with this: “the bigger the subject, the more opportunity for failure.”

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