Molly Shellhorn News Today

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One of Brandon Johnson’s first moves as Chicago mayor was to buy himself time to address the city’s biggest financial problem: the more than $35 billion owed to its pension

The city spends roughly $1 of every $5 on pensions while more than 80 percent of property tax dollars go towards retirement payouts. In November, the city had no junk ratings for the first time since 2015.

One of Brandon Johnson’s first moves as Chicago mayor was to buy himself time to address the city’s biggest financial problem: the more than $35 billion owed to its pension

"It's positive to see the proposed budget relies on fairly conservative revenue assumptions and provides additional funding for pensions and education," Molly Shellhorn, senior research analyst for municipals at Nuveen said.

The choice of PFM's Jill Jaworski for the CFO position drew praise from the outgoing CFO and market participants who are watching closely to see whether the city stays on track with fiscal progress that has drawn more than a dozen rating upgrades across credits.

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

Mayor-elect Brandon Johnson has proposed raising $800 million through levies on corporations, financial securities and the rich.

Chicago voters picked Brandon Johnson — a Cook County Board Commissioner, former teacher, and Chicago Teachers' Union organizer — as their next mayor.