About this episode

The episode discusses the financial challenges facing Chicago and Illinois due to pension obligations and their impact on public services.

Chicago and Illinois are dedicating nearly a third of their revenues just to pensions and retiree benefits — starving public safety, infrastructure, and basic services. In this episode, JPMorgan market strategist Michael Cembalest breaks down the real numbers behind Illinois’ pension crisis, from unfunded liabilities to 911 response times and outmigration.

People in this episode

Guest: Michael Cembalest

Topics covered

• pension crisis
• public safety
• infrastructure
• retiree benefits
• outmigration

Keywords

• pensions
• retiree benefits
• public safety
• infrastructure
• outmigration
• unfunded liabilities
• 911 response times

Mentioned in this episode

Places: Chicago, Illinois, Detroit

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• Why Chicago Workers Are 10% Poorer Today · February 10, 2026 · 58 min
• Inside the Decline of Schools, Safety, and Finances in Chicago · September 23, 2025 · 46 min
• These three things could fix Illinois in 2023 · January 11, 2023 · 14 min
• The Chicago Teachers Union's war on school choice · January 3, 2023 · 8 min
• These new laws take effect in Illinois in 2023 · December 20, 2022 · 12 min

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