Record #: R2021-213   
Type: Resolution Status: Adopted
Intro date: 2/26/2021 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 3/24/2021
Title: Call for hearing(s) on implementation of guaranteed income initiative and cash-based programs and policies to help working people and families become more resilient to financial emergencies
Sponsors: Villegas, Gilbert, King, Sophia D., Hadden, Maria E. , Rodriguez, Michael D., Sadlowski Garza, Susan, Lopez, Raymond A., Rodriguez Sanchez, Rossana
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. R2021-213.pdf
Committee on Economic, Capital and Technology Development
February 24, 2021

WHEREAS, many working people and families in Chicago struggle to make rent, pay their mortgage, basic utilities, student loans, and childcare, and nearly 25% of full-time workers rely on public assistance to make ends meet; and
WHEREAS, the impacts of income inequality plus 40 years of wage stagnation, automation of jobs, off-shoring, and trade deals have stunted the economic progress of all working people, and these trends show no signs of slowing down; and
WHEREAS, the impacts of the racial and ethnic wealth gap are felt most acutely in Chicago because of a long history of redlining and institutional racism; and
WHEREAS, Black households have one cent in wealth for every dollar of a white household, and Latinx families have eight cents; and
WHEREAS, the confluence of income and wealth inequality results in more than 60% of Americans having less than $1,000 saved in the bank for an emergency; and
WHEREAS, many individuals in Chicago and across the nation work full-time jobs and multiple side hustles in the gig economy and still cannot make ends meet; and
WHEREAS, the COVID-19 pandemic has now triggered an economic crisis of a magnitude not seen since the Great Depression; and
WHEREAS, the public health guidelines and social restrictions made the economic struggles of small businesses and working families exponentially worse; and
WHEREAS, the concentration of wealth and market control among the super wealthy and tech companies greatly expanded during this pandemic; and
WHEREAS, America's 650 billionaires grew their net worth by a collective $1 trillion since the Pandemic, with the top four being Big Tech executives; and
WHEREAS, in 2019, the Chicago Resilient Families Task Force put forward recommendations on a guaranteed income pilot and other bold policies to tackle these economic insecurity issues; and
WHEREAS, the City of Chicag...

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