✅modest local pension consolidation
❌failure to lead on long-term pension reform
Other taxes and fees?
We’d rather not relive it but here you go. ⬇️
Budget:
✅$14B from the federal government
✅$1B added to rainy day fund
✅6 credit upgrades
❌continued deficits
❌lowest credit rating in U.S.
❌missed unemployment fund loan repayment deadline
❌businesses on the hook for $64M to repay the above debt
Jobs and economy:
❌3rd-worst unemployment rate in the U.S.
❌worst home foreclosure rate in the U.S.
Jobs:
✅gains from Kellogg’s, Rivian and Amazon
❌6 major companies relocated out of state
❌overall business climate fell to 36th from 29th in the U.S.
❌only state in the U.S. to drop in business tax climate ranking in 5 years
Pensions:
⚠️@JBPritzker inherited the worst pension debt in the U.S.
✅contributed $500M more than required in 2022
❌It’s since skyrocketed by $72B
❌pension costs now consume 25% of the state budget
• • •
Missing some Tweet in this thread? You can try to
force a refresh
The Chicago Teachers Union has long maintained that its chronic failure to adequately educate students is due to funding deficiencies and crowded classrooms.
But the school system’s budget is swelling even as its schools are emptying.