Chicago is on the hook for $42 billion in unfunded pension liabilities, which works out to $35,000 for every household, from bungalow dwellers to lakefront swells.
We asked the folks running for mayor where they would find the money….
As you read the candidates’ answers in full, we urge you to give particular attention to their proposed alternative sources of revenue. Some ideas, such as Dorothy Brown’s proposal to register bicycles to make money, strike us as odd. Others deserve serious consideration. We’re thinking here of Jerry Joyce’s suggestion for a passenger facility charge at Chicago airports.
Just about everybody, we should mention, favors amending the Illinois Constitution to allow for a graduated income tax, which would increase the tax rate for wealthier people.
We’re all in with that one, too, and maybe someday it will happen. But not soon enough
Read more at Chicago Sun Times.