Chicago residents, meanwhile, owe an average tax burden of $36,000. That’s due to the Windy City’s liabilities of $42 billion, compared to just $9.5 billion in assets. Chicago, too, defers recognizing gains from OPEB assumptions, which leads to the city understating its debt by $3.1 billion.
Those numbers are actually an improvement from 2017, when the average Chicago taxpayer liability was $45,000.
Don't forget the massive pension burden of the entire state of Illinois. The state's finances are a house of cards that will blow over during the next deep recession. The Illinois Supreme Court ruled that retirement benefits for current retirees can't be cut so taxpayers are stuck paying for massive pension liabilities. The entire liberal Democratic controlled state is in the beginning of a death spiral with no way out. And if the Land of Lincoln thinks the rest of the country will bail out their state, think again.
Certainty not the temporary..... Whoops.... Long term employees.
Got to love that incredible self serving move from Omaha to Chicago. Exactly who benefited from it again?