Chicago leads U.S. cities with the most residents in financial distress – When In Your State

Chicago households were also operating in a state with heavy fiscal strain. Truth in Accounting’s 2025 Financial State of the States report gave Illinois an “F” grade and said the state’s taxpayer burden was $38,800 based on fiscal year 2023 data. More recent Truth in Accounting reporting on Chicago put the city’s taxpayer burden at $42,600, while Chicago Public Schools said its initial FY2026 budget gap was $734 million. Those figures did not determine WalletHub’s ranking, but they added context to the broader financial pressure facing many Chicago residents.
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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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