MEDIA AVAILABILITY: Chicago budget experts available for analysis, reaction to Mayor Lightfoot’s budget address
CHICAGO (August 29, 2019) — Experts on Chicago’s budget challenges are available for interviews to discuss Mayor Lightfoot’s first budget address. Wirepoints President Ted Dabrowski and Wirepoints Founder Mark Glennon are available for in-person or phone interviews on the Mayor’s budget address.
The Mayor is expected to give an accounting of the city’s serious budget challenges and propose potential new taxes and cost reductions. Dabrowski and Glennon are available for data and analysis on the city’s budget, Chicago’s pension crisis, and how the ongoing CTU negotiations will impact Chicago’s finances.
Dabrowski and Glennon can discuss data from Wirepoints’ new report: Why Chicago’s Lightfoot should push for a pension amendment, not tax hikes
The reasons why Lightfoot should push for a pension amendment include:
- Chicagoans are on the hook for more debts than they can ever repay. Every Chicago household is already on the hook for $145,000 in overlapping retirement debts.
- Chicago is an extreme outlier fiscally. The city has the nation’s worst finances under almost every measure.
- Government-worker benefits are out of line with what Chicagoans can afford. A private sector worker would need at least $1.5 to $1.8 million saved at retirement to lock in the same pension benefits Chicago city workers receive.
- Chicago is already shrinking. The city’s population loss has created negative consequences for the residents who remain, from growing tax burdens to falling property values.
Reforms the Mayor should be discussing include:
- A state constitutional amendment to reform pensions.
- A phase out of TIF districts.
- Holding the line on contract negotiations.
- Ending pension “pick ups” and other pension-boosting benefits.
Data and analysis on Chicago’s pension crisis, the city budget, and proposed reforms are available in Wirepoints’ new report, released today, titled: Why Chicago’s Lightfoot should push for a pension amendment, not tax hikes