As pressure mounts on the city of Chicago to address its debt crisis, some have suggested the state should help the city cover its expenses.
“Chicago has spent at least two decades digging itself into a massive financial hole,” writes Nicole Gelinas in The City Journal.
She goes on to state that since 2000, the overall debt has climbed from $12.3 billion to $20.2 billion, calculating out to $7,500 per person.
Illinois State Sen. James D. "Jim" Oberweis (R-Sugar Grove) told
As The City Journal notes, the state is helping Chicago refinance its debt through a bond issue, but the move is seen as a delay tactic rather than true spending reform.
So should the state do more to help its largest city? And just how would it be able to do so, given its own debt issues?
Illinois State Sen. Jim Oberweis (R-Sugar Grove) added his voice to the chorus opposing a state bailout of the struggling city.
"No, the state should not bail out Chicago,” he told the Kane County Reporter. “Chicago has been overspending for many years and has even sold capital assets like their parking meters to raise money for operations, a very bad practice.”
Oberweis said the current Chicago leadership seemed to be on the right fiscal track.
“I believe Rahm Emanuel is trying to turn the budget mess around but is being fought by the teachers' union and other unions who do not want a reduction in jobs, which is absolutely needed to reduce spending,” Oberweis said.
He blamed the city’s massive unfunded pension liabilities for its current debt woes.
“Cost reduction is critical, and that may include closing more schools and allowing more charter schools,” he said. They “may be able to operate more efficiently with less interference from unions.”
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