As a Chicago native, I have watched my home city unravel under the policies of Mayor Brandon Johnson and the ultra-left city council. Controlled by groups like the teachers’ union, the city has continued to spend lavishly on progressive causes and bloated pension funds while destroying its own economy. The city has a more than $1 billion budget gap, with a roughly $150 million deficit. Roughly, two-fifths of the budget is now going toward debt service and pension costs. The city council is following a familiar death spiral. It is turning to higher taxes against the very industries that it needs to drive the economy. That now includes a roughly 20 percent tourist tax on hotels. These politicians are doing what the Chicago fire failed to achieve: kill a major city.
Johnson has been pushing for irresponsible measures to grab cash now and pay later schemes. Johnson and the Chicago Teachers Union (CTU) lost a fight to secure a $200 million loan to avoid having to reduce the budget or staff. Johnson and the union pushed for a corporate “head tax.” Barely able to convince many companies to stay in the state, Chicago would actually make it more costly to hire Chicagoans with an additional $ 21-per-employee tax.
The city council just approved an $830 million borrowing plan to finance infrastructure projects by selling bonds. Notably, the council had to bar Johnson from giving the money to the teachers’ union, given his history of dependency on the union. However, the bond will now make the debt crisis even more acute. The bond agreement allows someone else to pay the massive accrued debt after 20 years.
——-
Illinois Governor Jay Pritzker has $pent million$ on Wisconsin Candidates.