Emanuel trying to buy time as city's pension crisis escalates

The Chicago Tribune reports:

Faced with the prospect of a major tax hike or severe service cuts just as he stands for re-election a year from now, Mayor Rahm Emanuel told the Tribune Wednesday that his formula for fixing the financially out-of-whack government worker pension system requires “reform, revenue and time.”

While Emanuel wasn’t offering specifics, a plan put forward by his chief Springfield ally could provide an outline.

The pending measure would require a series of small city property tax increases starting in 2018 — three years into what would be Emanuel’s second term as mayor. It also would delay the need for big increases in city pension payments to 2022, three years into what would be Emanuel’s third term, if he still was mayor.

The great moments of Cook County Democrats.