Ted talked to Dan Proft and Amy Jacobson about the scope of Chicago’s financial crisis and what Mayor Lightfoot should be doing about it. Chicagoans are burdened with more debt than they can ever pay and the only way to reduce that burden is through structural pension reform.
Lightfoot can still become the agent of change she was elected to be. To do so she has to champion a pension amendment to the state’s constitution.
Read more on why Lightfoot needs to fight for a pension amendment: Why Chicago’s Lightfoot should push for a pension amendment, not tax hikes
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.
Dan,
Very good observation on your part. Nothing will happen until there is a “real” crisis, like one of the pension funds simply has no more money to send out any more checks. From what I have read here, I believe that one of the funds (police or fire, I forget which; I think fire), is only about 2 years away from reaching that point.
Liberal democRats have never been any good with financial discipline. No reason to think they will ever wake up until a (figurative) gun is pointed at their head.
$9 BIL budget. $838 MIL deficit. Implement a 10% across the board budget cut. Problem solved, no property tax increases necessary.
Don’t fall for that one, Gemini. That’s just plugging the hole for one year, and not even. That $838 million is not the right number for 2020. It would be far larger if the city paid its true pension costs.
Mayor Lightfoot she’s a typical Democrat kick the can down the road and keep The corruption going
Some of us tried to keep an open mind and give the new mayor a chance to prove herself. For me, that grace period just ended. With her speech, she has proven she isn’t up to the challenge.
Amen. I was so anxious to hear what she was going to say at last Thursday night’s speech. But it was a complete nothing-burger. $838 MIL deficit? No surprise there. But where’s her plan? Doesn’t have one.