Imagine you’re nearing the end of your life now and it’s time to let your children and grandkids know what you’re leaving them.
“Kids, here’s the deal. I worked hard all my life. I wanted to make you proud. I wanted to leave you a nice nest egg. I tried, but you know, we’re in Chicago and Illinois. We procrastinate here, so I’m going to have to leave you with this overdue bill. It’s $126,000. I’m so sorry.”
The nonpartisan, nonprofit organization Truth in Accounting issued a report last month, looking at all debt for Chicago and its various other governments, including schools, and concluded that each Chicago taxpayer is on the hook for more than $75,000. Add that amount to the state debt of more than $50,000 per taxpayer and they figure you now owe more than $126,000.