Chicago Finances Worsened by $2 Billion During Pandemic Despite Federal Funds – American News Observer

"In reality, the city of Chicago needs $38.7 billion to pay its bills. This breaks down to $43,700 per city taxpayer. This enormous debt mostly stems from the city’s pension and retiree health care liabilities...In order to catch up on pension payments, the city of Chicago would have to lay off all city employees, firefighters, and police officers for eight years."
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rick1099
4 years ago

The City of Chicago no longer funds retiree health care unless employees signed up for a 55 and out program. Daley #2 cut retiree health insurance supplements and retiree health programs. Even when the retiree health care was run by the city retirees didnt get it for free, they had to pay monthly premiums that weren’t cheap ie $600 a month for a family, with deductibles on everything for each family member. City run health care was not cheap and the supplement was minimal.

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