"As Chicago’s 2026 budget process moves forward, new independent analysis indicates that city leaders are debating spending priorities and long-term commitments without a complete and fully transparent understanding of the government’s true financial position."
Unfunded Pension liabilities will be the cause of death for Illinois and Chicago. Pensions costs are exploding and will continue till they are ended. Taxes have to go much HIGHER to even come close to funding pensions. The way is it set up now the next generation will be higher in debt before they are born than ever in recorded history.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Unfunded Pension liabilities will be the cause of death for Illinois and Chicago. Pensions costs are exploding and will continue till they are ended. Taxes have to go much HIGHER to even come close to funding pensions. The way is it set up now the next generation will be higher in debt before they are born than ever in recorded history.
You can’t tax you way out of this hole, bankruptcy is the only solution for Chicago (and it it was possible) Illinois.