Bloomberg ran a piece last weekend surveying the dire situation of Chicago’s public employee pension fund. The main point was that the city’s unfunded pension liability will pose a huge problem for Brandon Johnson, the city’s newly elected progressive Black mayor.To illustrate the severity of the problem, the piece included a graph that showed that both the city’s annual pension payments and its unfunded liability are much larger relative to its budget than is the case for a number of other major cities. The picture does look pretty bleak.However, an important fact was missing from this discussion. Chicago’s public sector employees are not enrolled in the Social Security system. While the va
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