"Residents of Chicago are technically on the hook for more than $250 billion in debt issued by four different government agencies (not including the federal debt, which is a whole 'nother ball of wax).
- There's the city of Chicago, of course.
- But then there's also the Chicago Public Schools and
- Cook County, which includes Chicago and some surrounding suburbs.
- And, lastly, there is the state of Illinois.
All four of these public entities are deep in debt, thanks largely to the pension promises made to public employees and decades of failing to meet those obligations.
Here's how it looks in one graphic from the latest Comprehensive Annual Financial Report, or CAFR, issued by the state, as highlighted by Mark Glennon at WirePoints Illinois, a state-based blog covering politics and economics.
If you're a resident of Illinois, and particularly if you are a resident of Chicago, avert your eyes:"