Chicago has been unable to contain spending and pay its bills, with 2018 being significantly worse than the previous year. In 2018, Chicago brought in $40.39 billion in assets, with only $10.69 billion in assets available to pay bills. The city had $45.10 billion in total bills,resulting in a $34.4 billion shortfall.
As one of the largest U.S. cities, it is likely that there will be large amounts of spending to match its size. Other large cities such as New York and Los Angeles amounted $244 billion and $20 billion in their total bills, respectively (2017). Total bills can be defined as “the sum of the state bonds, other liabilities, unfunded pension benefits due, and unfunded retirees’ health care benefits due, minus the debt related to capital assets.” But just like the saying goes: If your friends jumped off a cliff, would you do it, too? These other cities’ blunders are no excuse for the debt that Chicago is experiencing.
A large of amount of the total bills for the city of Chicago comes from unfunded pensions benefits. These unfunded pensions benefits are still a problem even after Governor J.B. Pritzker signed into law a “balanced budget.” Accounting tricks and gimmicks still seem to be causing problems for Chicago. READ MORE
The men and women who sailed to America in the 1600s in search of a new life would not be too proud of their former colonies today. The 13 original colonies have developed exponentially throughout the years. New York even has the largest populated city in the United States. But who has been paying for the development in these 13 states? Taxpayers. READ MORE
What could be better to boast about than a state’s great weather or nice cities? The answer: the state’s technology and science ranking. Illinois can now proudly show that it was ranked as the No. 15 best state in the Milken Institute's State Science and Technology Index in 2018. READ MORE
We recently analyzed the comprehensive annual financial reports (CAFRs) of the 75 most populous cities so you don’t have to, and the City of San Francisco released some pretty interesting results. READ MORE
In a shocking blow to the rest of the country, Florida once again is deemed the best state to retire in, as of 2019. READ MORE
Last week, the country was burdened with the shocking realization that millions in bribery money is being spent by the wealthiest of parents in what is being called the largest college admissions scandal in history. That’s a pretty huge number of college degrees that likely have been earned through money alone. READ MORE
The title for Most Poorly Managed Pension Benefits is a highly sought after position among fiscally irresponsible states, and Illinois continues to be the reigning champion for more than a decade. READ MORE
Illinois Governor J.B. Pritzker recently signed a measure that will gradually hike the state’s minimum wage to $15 per hour by 2025. READ MORE