Will Pensions Break Chicago's Budget?
Mayor Brandon Johnson is set to give his budget address this week as the city stares down a nearly $1 billion gap for next year. One word we can almost guarantee you’ll hear is: pensions. Chicago currently owes over $37 billion to its four employee pension funds representing police officers, firefighters, municipal employees and laborers. Chicago’s pensions have been underfunded and in crisis for years now, but what does that really mean? We’re revisiting our conversation from last year with DePaul University’s Dr. Amanda Kass, who studies city pensions. She breaks down how the debt got so high and why the “crisis” narrative may be doing more harm than good.
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