Cook County Treasurer's Office - 4/2/2020
New York Times
Public pension funds are the time bomb of government finance. Now the coronavirus has it ticking faster, New York Times reports.
Many pension funds, already chronically underfunded, have taken huge hits to their investment portfolio in recent weeks. The outbreak has triggered widespread job losses and business shut-downs, wiping out tax revenues.
"The people have no money," said Maria Pappas, the treasurer of Cook County.
Even before the pandemic gut-punched the economy, Ms. Pappas counted 57,000 delinquent property-tax payers in her county, which includes Chicago. Property taxes feed more than 400 municipal pension funds in Cook County, including some that are cash-starved and close to hitting bottom.
"It's like a rubber band that's been stretched too thin," she said. "What I'm telling you is, the rubber band is about to break."
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