Mayor Rahm Emanuel's pension bill finally got passed through the General Assembly after some property tax language was stripped from the bill. That appeased lawmakers in Springfield who were worried about casting a vote to raise property taxes during an election year. So in order to get the bill passed, that language was scrapped from it. I provide more insight into the first step toward pension reform in Chicago.
The downside to the bill though? It presents election year headaches for both Gov. Pat Quinn and the Chicago City Council. First, Quinn has two months to decide whether or not to sign the bill into law, but it's not a very appealing bill for him to deal with so close to a general election. And if he does sign the bill into law, Chicago aldermen would get stuck with the vote on whether or not to raise property taxes on Chicago homeowners...a vote they would need to make so close to their 2015 election.
Lastly, in the wake of a potential property tax increase in Chicago, it is worth noting how much the middle class has disappeared in the city over the past 40 years. You can see for yourself in a map we have that tracks the disappearance of the middle class in Chicago.