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Chicago finished fiscal year 2024 with a $41.1 billion gap between the money it has available to pay bills and the obligations it owes, according to a new report from Truth in Accounting, placing the city among the worst financially managed major cities in the nation.
Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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I’m beyond surprised the Board of Trade hasn’t completely relocated yet.
Bankruptcy – is the only answers, which hourly can void all public unions contracts and adjust pensions to available find.
Public unions should be illegal.
3 men in a garbage truck as well rest of the state uses one! Need to just subcontract that world save 100s of millions.
The sooner the better considering how much money disappears daily. It’ll be in court for years but judge can freeze spending at the outset. Also it might slow down Pritzker’s presidential prospects.
I don’t want Putzger to slowdown his campaign bid. I want him to chuck millions into his campaign then come election day get his ass handed to him
Did I read it correctly? 40% of budget goes to pensions and debt? Which increase geometrically every year? Not including money to CPS? How is there money left for other city services?
That the problem, there is none.
Chicago’s bond rating hovers with Greece at BBB, one step above junk. If anything will force change, the bond markets asking for a super premium on new debt or refusing to refi Chicago debt for the millionth time would go a long way. JB thinks he is qualified to run the country which is laughable. It will be hard for him to deny the cast of characters running the state of Illinois with him. Can you imagine him appointing BJ as chair of the federal reserve? Kim Foxx to the supreme court? What a clown car of an administration that… Read more »
Pensions have and will enslave all taxpayers for many years to come. The private sector does not offer anything close to what the public sector is getting. Stay and pay or run for sun, the choice is being made every day as Illinois loses population.
No parachutes for the pilots.