Chicago Has A $1.2 Billion 2021 Budget Hole, And Mayor Lightfoot Has No Good Options – Forbes

"It gets worse: the city forecasts another expenditure jump in 2022, due to an additional $240 million in pay hikes, and even more in increased pension contributions, a boost of $258 million. After another increase in 2023, the city will be paying out 15.8% of its corporate budget solely for pension contributions."
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thisismissing
5 years ago

Let them raise taxes in Chicago instead of trying to tax everyone else in the state to support their BS.

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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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