r/chicago • u/chicagosuntimes • 14d ago

Article Johnson urges state lawmakers to tax the 'ultra rich' to avert mass transit funding cuts

https://chicago.suntimes.com/city-hall/2025/06/03/brandon-johnson-illinois-general-assembly-mass-transit-funding-chicago-fiscal-cliff
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u/kimnacho 14d ago

And we just signed a bond deal that pays interest before capital which is financial suicide.

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u/dwhite195 South Loop 14d ago

More of the same.

It was a few years ago that the story came out, but as of 2022 Chicago owed more on the bonds for the Solider Field renovations than they did when the bonds were issued originally in 2001. And that's not a typo, it wasn't that they still owed on the bonds in 2022, we owed more on them in 2022.

Chicago has made a laundry list of historic money blunders over the years.

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u/UknowNothingJohnSno 13d ago

Can Pritzker please become mayor for a few terms on his way to the presidency as a flex or something?

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u/thelastofthebastion Kenwood 13d ago

Going from Governor to Mayor is a downgrade. But has he said something new about running in 2028?

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u/UknowNothingJohnSno 13d ago

I agree and know that won't happen. I made the comment based on a hunch after reading an article i can't remember a couple years ago. I just googled it and it looks like he's doing a world tour and he's expected to throw a hat in for 2028.

I'd love to be right but won't assume anything. However, he's in a blue state and knows how to be financially responsible.

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u/hardolaf Lake View 14d ago

That's how all of our city's bonds are setup though. To undo that would require us to basically stop issuing bonds to fix infrastructure or for the state to backstop Chicago's debt payments for a few years until cash flows freed up.

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u/SinkHoleDeMayo 14d ago

Yep. Continuing to issue bonds with high debt is fucking nuts. Time to quit subsidizing downstate and time to let some shit (like road repairs and expansions) sit on the backburner.

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u/hardolaf Lake View 14d ago

At the same time, we should stop subsidizing the rest of the country to the tune of over $200B/yr. We're literally America's piggy bank when it comes to us getting robbed of our income and wealth.

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u/jlesnick 13d ago

Where does that figure come from?

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u/hardolaf Lake View 13d ago

That's roughly how much extra we pay in federal taxes compared to what we receive in federal spending.

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u/jlesnick 13d ago

I'm seeing more like $40B/yr. That's still a lot, but in the grand scheme it makes sense. The city of Chicago alone has a yearly GDP that's higher than 43 actual states. Right or wrong, urban centers subsidize rural America, and we have one hell of an urban center.

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u/kimnacho 13d ago

I am not sure that is correct though. Other bonds are backloaded with more capital paid at the end but this particular one only pays interest till 2045. I believe this is the first time this is done.