Chicago’s Fiscal Future: Growth or Insolvency?
The Federal Reserve Bank of Chicago and the Civic Federation held a Conference: To Explore the impacts of bankruptcy on municipal governments and whether it is a reasonable option for Chicago to solve its fiscal problems.
The idea that the City of Chicago or Chicago Public Schools might be heading into bankruptcy has been discussed extensively in the media over the last few years. However, there are many differences between the experience of a personal or corporate bankruptcy and a reorganization conducted under Chapter 9 of the bankruptcy code. Panelists will discuss the impact of bankruptcy proceedings on the cost of providing government services and quality of life in a community and strategies states around the nation have implemented to try to help municipalities avoid bankruptcy.
Twentieth century Chicago was “Hog Butcher for the World” and then an industrial powerhouse. In the 21st century, Chicago has so far avoided the worst of post-industrial decline with a diverse economy and strong cultural resources. If Chicago can move beyond the current financial crisis, what sectors will propel economic growth and a population renaissance? Representatives from the financial and tech sectors will discuss why their areas are thriving, what could make them grow stronger and what could stand in their way. A site selection consultant will discuss what still makes Chicago appealing to corporate headquarters and their employees.
