Salon: Rahm Emanuel’s Achilles’ heel.

Fred Klonsky

Chicago Mayor Rahm Emanuel calls potential voters at a phone bank on election day in Chicago

– By Carl Gibson. This is excepted from Carl’s current article on Salon.com

Aside from cutting budgets for half of the city’s mental health clinics, Rahm Emanuel has also subjected city workers’ pensions to the austerity knife. Currently, Illinois’ pension fund for state employees is underfunded by $111 billion, and Chicago’s pension fund for municipal employees has $19.5 billion in unfunded liabilities. Emanuel has proposedphasing out subsidies to retirees’ healthcare deductibles and scaling down cost-of-living adjustments, saying that without the cuts, he would have to raise property taxes by 150 percent.

While teachers, firefighters, police officers, and other city workers have been living up to their end of the bargain and making annual payments amounting to 9.4 percent of their total annual salary, neither the city of Chicago nor the state of Illinois made any payments between 1995 and 2000. At the time, financial markets were delivering high…

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