Vallas: Emanuel borrowing $10B for pensions is “irresponsible”

 

By Bill Cameron, WLS-AM News

(CHICAGO)  In the race for mayor, challenger Paul Vallas says a big borrowing Mayor Emanuel is thinking about would be “irresponsible.”

Emanuel is thinking about borrowing $10B – that’s B for billion dollars – to avoid another big property tax hike for pensions.

It’s called a pension obligation bond and Vallas warns it can be dangerous, saying “If and when things go south, we hit a recession or when there’s an economic downturn, the impact can be catastrophic.”

Vallas is promising an alternative to another big property tax hike for pensions, but he won’t say what it is yet. In any case, he’s also calling on the City Council to exercise some oversight and hold hearings on the issue.

@ 2018 WLS-AM News ​

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