How a Bill Boosting Chicago’s Police, Firefighter Pensions Could Impact the City’s Finances – WTTW

According to a warning from a Wall Street ratings agency, the bill will worsen Chicago’s already fragile fiscal state by adding more than $11 billion to its pension liabilities, deepening the projected 2026 deficit of $1.2 billion, and lead to another credit rating downgrade.
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MsT
1 year ago

The fallacy here is that we imagine that the current in-power group gives a rat’s-patoot about “a fragile fiscal state”. They don’t. They are saddling the City with more debt at the same time they are building significant amounts of expensive new housing on the west and south sides–the edifices will survive bankruptcy. Detroit and Gary are role models and not cautionary tales. Bankruptcy is a blessing, a salvation, and not a curse. Spend until they stop you: Oopsie!

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