Chicago's proposed $500 million property tax hike won't be enough to erase junk bond rating

Detroit's East Side

Years of kicking the can down the road in regards to funding pensions are over for Chicago--the city finally hit a dead end.

From the Chicago Sun-Times:

A $500 million property tax increase will not be enough to solve Chicago's $30 billion pension crisis or rid the city of the junk bond rating that has saddled the taxpayers with tens of millions in penalties and borrowing costs, analysts concluded Tuesday.

Civic Federation President Laurence Msall and Matt Fabian, a partner at Municipal Market Analytics, offered the grim assessment during a lively panel discussion on city finances before a packed house at a City Club of Chicago luncheon.

Chicago becoming the next Detroit is no longer an unrealistic fear.