What I have been reading: The New Chicago Way

The New Chicago Way. Lessons from other big cities. Bachrach E, Berg A. SIU press. 2019

This book, analyses Chicago's problems, mainly financial, and offers painful solutions. From this book, it is abundently documented that Chicago is very close to bankruptcy (failing a miracle). The core thesis of the book is that Chicago's problem is due to mismanagement, traced to a structure of government where the Mayor of Chicago holds almost all of the power.

I suppose somewhat like Greece, Chicago has chosen to finance itself using debt rather than taxes or income. This only works as long as one can find lenders, and as Chicago's financial problems get worse and worse, the problem is "blowing up".

This book compares Chicago to other big cities (such as New York and LA), and Chicago seems always to be at the bottom of the heap, with little hope of getting off the the bottom. Here is a list of the problems documented in the first half of this book.

It would seem to us, that in Chicago is unlikely to "get out" of this situation through local taxes as the residents will simply leave for places that have lower taxes. Doesn't look good.