I remember that graph comparing the MEP bailouts to the other future needs. That plus the fact that Chicago and Illinois couldn't get even a hint of future federal help with a young Chicagoan as President gave me some hope that we wouldn't try to fix these problems with a flood of money. The MEP bailout is a pretty depressing precedent though.
Now, Chicago and Illinois did get a nice chunk of change, along with a lot of other cities and states -- and Chicago increased their pension contributions (they HAD to), but their huge pension debts remain. Because it would take a lot more money than even the $10 billion they asked for (and however much they got).
I remember that graph comparing the MEP bailouts to the other future needs. That plus the fact that Chicago and Illinois couldn't get even a hint of future federal help with a young Chicagoan as President gave me some hope that we wouldn't try to fix these problems with a flood of money. The MEP bailout is a pretty depressing precedent though.
The MEP bailout was opportunistic, and yeah, Chicago/Illinois tried to dip their beak in, too, remember?
https://marypatcampbell.substack.com/p/illinois-asks-for-10b-for-pensions
Now, Chicago and Illinois did get a nice chunk of change, along with a lot of other cities and states -- and Chicago increased their pension contributions (they HAD to), but their huge pension debts remain. Because it would take a lot more money than even the $10 billion they asked for (and however much they got).