-By Warner Todd Huston
The Business Insider reports that Mayor Richard Daley’s budget shortfall is one of the top 15 worst deficit budgets of America’s cities clocking in at $530,000,000 through fiscal year 2011. That breaks down to $180 of debt per citizen.
But this is a bit deceiving because of the $1.15 billion that Daley got by selling the city’s parking meter franchise, not to mention his sale of the Chicago Skyway a few years ago.
In February, Daley announced a hiring freeze that he claimed would save the city $11 million and the Mayor himself will work 29 days this year without pay. Daley also laid off 1,500 employees of the city last year and instituted 24 unpaid furlough days.