Part 7/9:
The Reality of Chicago’s Budget Crisis
Chicago’s ongoing budget crisis is fueled by multiple factors, including high public spending and social programs. The city plans to allocate substantial funds toward social initiatives, such as increasing mental health clinics and hiring new police detectives, but the revenue shortfall complicates these ambitions.
Mayor Johnson’s refusal to seek property tax increases—citing political opposition—means the city may rely heavily on these new taxes. However, with the projected $1.12 billion deficit, the question arises: will these tax hikes generate enough revenue, or will they further accelerate business and population flight?