I was meeting with a client and we were discussing the financial situation of Illinois and Chicago. My client knows a number of people who have a personal knowledge of the debts of the difficulties with both entities.
As we are all aware there is no simple solution to the problem. Definitely there is no quick fix. But we have multiple parties involved in the problem and none of them really want to give up anything for a solution.
Ultimately we need to have some form of mediator to push for a long term workable solution. There will need to be sacrifices on all sides.
New taxes will have to be added somewhere. Spending cuts will have to occur. Pensions will have to be shrunk.
But finding the solutions will not be done by true politicians. They spend most of their time trying to keep their jobs, not looking out for the future. If that were the case we would not be as bad off as we are…
Alas, my client and I agreed on the problem, but all we could agree on is the solution will take time to work it out.