Mayor Daley isn't mincing words - one word in particular: recession. CBS 2's Dana Kozlov reports.Someone might disagree with the mayor. It doesn't matter if it's the opposition or the economists or any other business cycle experts. That being said this is a tough economy out there right now.
"We're in a recession," Mayor Daley said. "No one wants to admit it, but we are in a recession."
Mayor Daley laid it on the line the same day city officials announced Chicago's biggest budget shortfall ever.
"It's a crisis, not only in the private sector, in the public sector," Daley said. "The public sector is not immune from this economy."
Daley's financial officer says Chicago is facing a $420 million budget hole - which means cost cutting will likely occur across the board to make ends meet. Officials say revenues are down and that, combined with record high fuel prices, a slumping real estate market and larger than expected snow removal costs - have put the city deep into the red.
"It is unprecedented," said Ald. George Cardenas (12th).
Cardenas estimates the city will have to layoff 1,800 people to help balance the budget.
Dispatches from Chicago's south side.
Friday, August 15, 2008
Mayor Daley Says 'We're In A Recession'
WBBM-TV via Capitol Fax Morning Shorts:
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