News for Chicago this is from 4 months ago..
Make no mistake, retirees when the money stops coming in this will make headlines, then it will be pitchforks and axes marching down the street.
Chicago now can’t pay their city employees
the reason for their reset? They can no longer kick the can down the road, the can has hit a brick wall.
Chicago gambled on federal stimulus and will now use $500 million to pay off short-term borrowing
The illusion of freedom will continue as long as it’s profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater. Frank Zappa
The Fiscal Insanity In Chicago Continues…
Officials there plan to hire another 2,000 part-time and full-time workers this coming school year, never mind the district has racked up the biggest pension debt of any school district in the country. Moody’s already puts CPS’ pension shortfall at $22.8 billion, more than any other school district in the country. More workers mean more salaries and even more pension debts.
To make matters more insane, those same officials warn the school district could lose up to 100,000 students this coming school year – about 29% of the district total – as a result of the multi-pronged crises facing Chicago.
Those student losses would be on top of the 95,000 the district already lost between 2000 and 2021.
It’s madness any way you slice the numbers, making it clear Mayor Lori Lightfoot and city leaders either don’t understand or don’t care about Chicago’s finances.