A financial watchdog report estimated each taxpayer in Chicago would need to pay $43,100 to settle the city’s debt. It stands at No. 2 for big U.S. cities. Blame city leaders for repeatedly making pension debt worse.
Includes: "The authors gave Chicago the 'F' rating because elected leaders have repeatedly made financial decisions that failed to address the city’s growing debt burden, primarily driven by unfunded pension liabilities. The city had set aside just 23 cents for every $1 of promised pension benefits and no money for promised retiree health care benefits at the onset of the pandemic."
