A new report on the combined state and local debt burden for taxpayers in the 10 largest cities shows Chicago in last place. The cost of union benefits is driving that burden, with 69% of the city’s nearly $98 billion debt total owed to pensions and another 6.7% owed to other post-employment benefits like retiree health insurance. That means over 75% of Chicago’s total local debts are due to the cost of union benefits alone.
The Windy City’s total state and local debt burden is a staggering $135,700 per taxpayer – over $44,000 higher than New York City, which landed in nineth place. Chicagoans’ debt per taxpayer burden is over 12 times that of residents in first place Phoenix, Arizona, further highlighting the massive gap that separates Chicago from other large cities regarding debt.
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