Tribune ran a great story this week about how the city is hopelessly in debt. The story is worth reading and can be found here; but what’s really interesting is a chart (actually a series of charts) attached to the story. Here’s what you need to know:
- Chicago’s cash debt is about $6,87 Billion or around $2,371 per person.
- We know from previous stories that our past due pension obligations are apx. $7,000 per person
So your total CITY obligations are about $9,371 per person. This naturally does not take into account continuing interest on the debt, the 2010 city budget, or ongoing pension obligations.
The people of this city have a choice, they can bury their head in the sand and continue to elect these numb-skulls or do what’s necessary to turn this place around.
We know from today’s previous story, that raising taxes will only scare people and job creating businesses away. We need pro-business, pro-middle class tax policies and we need them now.