pension crisis
Coverage of pension crisis in the Nexus archive.
- Mayor's financial task force proposes downtown congestion fee, service tax, restructuring electricity taxes
Chicago Mayor Brandon Johnson's financial task force proposes revenue measures including a downtown congestion fee, higher electricity taxes for high-volume users, and a sales tax on consumer services to address the city's $36 billion pension crisis and $1.15 billion budget shortfall. The task force, led by Jim Reynolds and Karen Freeman-Wilson, suggests long-term reforms like pension lump-sum payouts and property tax escalators to resolve structural deficits.
- Cardenas formally enters the crowded race for Chicago mayor
George Cardenas, a former alderman and current Cook County Board of Review commissioner, has launched a mayoral campaign in Chicago, positioning himself as a candidate with 20 years of city experience to address the city's budget and pension crises. He acknowledges being a long shot but emphasizes his financial expertise and plans to raise significant funds to compete in a crowded field.