Chicago’s mayor said speed cameras will enforce a lowered tolerance March 1 as a way to curb traffic fatalities. Critics see the $35 tickets as a money grab when residents are still reeling from the COVID-19 economic downturn.
A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.
Over the objections of Chicago Mayor Lori Lightfoot, who called the legislation “irresponsible,” state lawmakers passed a bill to increase the cost-of-living adjustment for 2,200 Chicago firefighter pensions to 3% from 1.5%. Gov. J.B. Pritzker should veto it.
Chicago leaders are using another gas tax hike to help fill a budget hole driven by pensions. Total gas taxes and fees are closing in on $1 per gallon.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.