Author and journalist Nathan Bomey easily sees bankruptcy in the city of Chicago’s future.
“Like I've said before, bankruptcy is probably Chicago's destiny unless the city negotiates major pension cuts, raises taxes to crushing rates, slashes spending massively” or “some combination of A, B, C,” he recently posted on Twitter.
Bomey’s said the city’s options are even more limited given he argues Illinois’ cash-eating pension system isn’t likely to undergo any fundamental changes anytime soon. Bomey’s words carry weight given he covered the city of Detroit’s meltdown and later chronicled much of it as the author of “Detroit Resurrected: To Bankruptcy and Back.” Bomey is a business reporter for USA Today.
In her first State of the City address, Chicago Mayor Lori Lightfoot said that the city now has a projected $838 million budget deficit for the fiscal year beginning Jan. 1, with most of the shortfall caused by still-rising pension debt.