Why do Chicago and Mayor Richard Daley face $420 million budget shortfall?
He blames the national economy, but 4 areas under his control contribute to the problem Mayor Richard Daley enjoys a national reputation among his colleagues as a business-minded CEO for his city, but that hasn’t protected Chicago from the worst financial crunch in his 19-year tenure.
The mayor blames the national economic downturn for the city’s estimated $420 million budget shortfall, and he has drawn parallels to other cities, the federal government and even struggling media companies. But a closer examination shows that some of Daley’s own choices have greatly contributed to the city’s financial bind.
When Daley unveils his budget plan for next year on Oct. 15, it’s expected to include more than 1,000 layoffs to close the budget gap. Here are four big reasons that the city is having so much trouble balancing its books.
1.
from Chicago Tribune