Budget Black Hole: Pensions and Debt Devour Chicago Budget
Pensions and debt dominate Chicago's spending increases, crowding out core services. Without reform, rising obligations will drag the city into deeper financial trouble.
Chicago's budget has grown by about 40% since 2019, but the biggest reason isn't better services, it's pensions and debt. Each dollar to city debt is a dollar not spent on public safety, infrastructure, or education.
By restoring financial discipline and urging Springfield to pursue a constitutional amendment allowing pension reform, the city could free up more space in the budget for the services residents need.
- Today's costs alone would have swallowed more than half of the entire 2019 budget.
- During the past six years, Chicago's total budget has grown by $3.53 billion, reaching $12.39 billion in 2025.
- Almost half of that growth, or about 46%, went to pensions and debt service.
Illinois' comeback story starts here.
Author's summary: Chicago's budget crisis worsens due to pensions and debt.
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