A Cook County judge is scheduled to rule on the constitutionality of Chicago's pension-reform law on July 24. No matter what the outcome is, the pension overhaul will eventually end up in the Illinois Supreme Court. But the ruling may give a clue as to whether or not the city’s reforms will ultimately be upheld.
Chicago’s contributions to its government-worker pension funds will jump to $1 billion in 2016 from $500 million in 2015, according to a new report by Moody’s Investors Service.
The Illinois Supreme Court’s precedent has made it impossible for Chicago to stave off bankruptcy by making even the most meager reforms to government-worker pensions.
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.