Chicago borrows $830M, but mayor can’t use it for Chicago Teachers Union

Chicago Mayor Brandon Johnson secured approval for his $830 million borrowing plan but can no longer use the money to benefit his cronies at the Chicago Teachers Union. The city just grew its nearly $41 billion in debt.

Chicago Mayor Brandon Johnson on Feb. 26 secured enough votes to pass an $830 million borrowing plan by selling bonds for infrastructure projects.

While Chicago is making its massive debt problem worse, at least Johnson was forced to restrict how he could spend the money, limiting it to infrastructure and capital improvements. Originally there was broad language that could have let him spend some of the money on the contract his former coworkers at the Chicago Teachers Union are seeking.

Ald. Brendan Reilly, 42nd Ward, motioned to postpone voting on Johnson's massive borrowing package until May, requesting time for proper analysis and potential revisions.

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The plan makes no payments on the debt for the first two years and defers principal payments for an additional 18 years afterward. This backloaded structure means the total cost will reach $2 billion, a burden primarily on future Chicagoans.

Chicago faces $40.9 billion in unpaid bills, including public pension debt. That makes each Chicagoan responsible for eventually paying $40,600 to fix the city’s fiscal mess.

This shows why Chicago needs a voter-approved city charter establishing checks and balances. The conflict of interest created by having a mayor preside over the very body meant to provide oversight is a flaw trapping Chicago in bad habits.