Dana Levenson, former Chicago CFO: "If you're looking for a magic bullet to cure the city's pension fund debacle, you won't find one here. However, at a minimum, the pension funds need to achieve market returns, and benefits, unfortunately, cannot increase. If all sides could come to an agreement about what more must be done, perhaps there's hope for the city of Chicago's pensions. If not, get ready for the doomsday scenario: pension fund bankruptcies and huge property tax increases."
Sword of Damocles hanging over everyone in CHI/IL. Everyone knows it, and nothing substantive is done about it, unlike most other states. IL citizens taxed to the max, with everything going to public pensions, and still the risk of massive property tax hikes, for those “that can pay (eg “equity”)”, increases every second. IL politicians used to have CHI as their “checkmate”, so we had to “shut up and take it”, but MS Teams has something to say about that.
Old Spartan
2 years ago
Nice that Crain’s is finally paying a little attention to the topic, even if it is still deficient. Where have they been that last fifteen years as this crisis has unfolded in plain sight year after year at both the City and the State?
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Hmm, Crain’s may get the Captain Obvious in journalism award this year.
Exactly correct.
Sword of Damocles hanging over everyone in CHI/IL. Everyone knows it, and nothing substantive is done about it, unlike most other states. IL citizens taxed to the max, with everything going to public pensions, and still the risk of massive property tax hikes, for those “that can pay (eg “equity”)”, increases every second. IL politicians used to have CHI as their “checkmate”, so we had to “shut up and take it”, but MS Teams has something to say about that.
Nice that Crain’s is finally paying a little attention to the topic, even if it is still deficient. Where have they been that last fifteen years as this crisis has unfolded in plain sight year after year at both the City and the State?
Heads firmly up Obozo’s and Pritzker’s rear ends. With Pritzker it’s hard to tell which end is the rear though..