Michele Smith knows that solving Chicago’s pension crisis is the key to improving our City’s financial standing. As a result of decades of fiscal mismanagement by prior administrations, the current pension situation is completely unsustainable.
If nothing is done to correct this situation, 43rd Ward residents could get stuck with a 60% increase in their property taxes in the near future.
That’s unacceptable.Michele Smith and Rahm Emanuel are leading the fight to get our city’s budget situation under control, including meaningful pension reform. Working together, they’ve reduced current liabilities in two of our pension funds by nearly $3 billion since 2011.
Formerly a top lawyer for a Fortune 500 company, Smith is using her financial management experience working with businesses, unions and leaders from across the city to reduce the city’s ballooning pension shortfall now, which needs to be addressed now to avoid major property tax increases.