Budget Cap Could Have Saved Chicago $600M
Chicago's budget has grown significantly faster than inflation, resulting in higher costs for taxpayers without improved services.
Implementing a spending cap linked to inflation could have controlled costs and prevented future deficits.
Chicago doesn't need new taxes; it needs to stop swiping the credit card.
Since 2019, Chicago's spending has increased by 62%, outpacing inflation and population growth. If spending had been tied to inflation, costs would have risen by less than half as much, sparing taxpayers from looming hikes and growing debt.
This approach would help maintain sustainable growth and restore long-term fiscal stability.
Author's summary: Chicago needs spending control.
- 62% increase in spending since 2019
- Outpaced inflation and population growth
- Spending cap linked to inflation could have saved taxpayers