“When written in Chinese, the word “crisis” is composed of two characters-one represents danger, and the other represents opportunity.” — President John F. Kennedy
JFK’s quote is an older and classier version of Chicago Mayor Rahm Emanuel’s oft-repeated admonition to “never let a serious crisis go to waste” but the sentiment still applies today, especially when we’re assessing the financial dangers and opportunities sweeping over this area’s suburbs, towns and small cities.
A recent Better Government Association (BGA) investigation found many Northern Illinois municipalities are buckling under the weight of a whopping public debt that threatens to forever alter the very standard of living that traditionally makes many hometowns desirable places to live, work and raise families.
We know that Chicago and Cook County have debt burdens but the raw numbers for our suburbs are also terrifying: Taxpayers are on the hook for a mind-blowing $140 billion in debt, or an average $35,774 per household in Cook County suburbs, according to Cook County Treasurer Maria Pappas.
The BGA has some ideas on how to address this crisis - click HERE.