Phone tax won’t keep $20B pension bill on hold for long
By FRAN SPIELMAN City Hall Reporter June 14, 2014 1:02AM
FILE - In this Oct. 15, 2013 file photo, Chicago Mayor Rahm Emanuel speaks at a news conference in Chicago. On Monday, June 9, 2014, Illinois Gov. Pat Quinn signed legislation that would help Chicago reduce a multibillion-dollar pension shortfall but could lead to a property tax increase. Chicago has the worst-funded pension systems of any major U.S. city. Emanuel pushed for the law. It would affect about 57,000 laborers and municipal employees and retirees. (AP Photo/M. Spencer Green, File) ORG XMIT: CX111
Updated: July 16, 2014 6:19AM
Mayor Rahm Emanuel did what he had to do to convince Gov. Pat Quinn to sign on the dotted line.
But chances the mayor and City Council can solve Chicago’s $20 billion pension crisis without raising property taxes range between slim and none.