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Chicago property tax increase huge, but grossly inadequate to address city pension trouble

Sep 29, 2015

What has been described as a massive Chicago property tax increase to fix our pension crisis is, in reality, like shooting an elephant with a BB gun. It won’t get the job done and, if it is not handled well, will be a total waste of money and political capital.

The biggest problem facing the budgets of the city and CPS are the unfunded pensions. The police and firefighters have unfunded pensions of $11.6 billion; the municipal workers and laborers are unfunded by $10.2 billion; and the teachers is unfunded by an estimated $11.3 billion.

A little-publicized and inconvenient truth…

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