Will Pensions Break Chicago's Budget?

Mayor Brandon Johnson is set to give his budget address this week as the city stares down a nearly $1 billion gap for next year. One word we can almost guarantee you’ll hear is: pensions. Chicago currently owes over $37 billion to its four employee pension funds representing police officers, firefighters, municipal employees and laborers. Chicago’s pensions have been underfunded and in crisis for years now, but what does that really mean? We’re revisiting our conversation from last year with DePaul University’s Dr. Amanda Kass, who studies city pensions. She breaks down how the debt got so high and why the “crisis” narrative may be doing more harm than good. Good news: Chi-Soul Workshops  Want some more City Cast Chicago news? Then make sure to sign up for our Hey Chicago newsletter.  Follow us @citycastchicago You can also text us or leave a voicemail at: 773 780-0246 Learn more about the sponsors of this Oct. 28 episode: Chicago Board of Election Commissioners BetterHelp – get 10% off at betterhelp.com/CITYCAST Become a member of City Cast Chicago. Interested in advertising with City Cast? Find more info HERE