Chicago owes almost $14 billion in outstanding general obligation bond debt, and the city’s pension funds owe $19.5 billion in unfunded obligations to police, firefighters and municipal employees. Combined, the Chicago Tribune reports the Second City owes more than $33 billion.
(Source: Chicago Tribune)
That’s more than four times the nearly $7 billion the city spends every year. And it doesn’t even count the unfunded pension liabilities Chicago Public Schools and other city-affiliated agencies owe.
Decades of city government spending means that in 2039, Chicago will still be paying off bonds from 1993. Some of those repayments, the Tribune said, will be for debts on public housing developments that were torn down more than a decade ago.
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