The police and firefighter pension funds are only about 20% funded—among the worst in the country—even though 80% of city property tax dollars go toward pensions. The city’s annual pension payments have risen by $1 billion over the past three years. Perhaps the city would have less crime if it hired more police officers and paid less for pensions.
Blame Democratic politicians who over the decades have rewarded their labor allies with generous retirement benefits but haven’t socked away money to pay for them. Instead, Chicago’s political machine has frittered away taxpayer dollars buying votes. Illinois Gov. J.B. Pritzker last year signed a bill boosting Chicago firefighter pensions, which will cost taxpayers $850 millio