Shortages Everywhere

And guess who's going to get stuck with the bill for decades worth of incompetency?

• CTA officials said Wednesday they believe they can find $80 million to cut from the agency's 2009 budget to cope with drastically lower-than-anticipated tax revenues.
  
  But transit officials warned that service cuts and fare increases -- the second round this year -- may be needed to erase whatever shortfall remains.
  
  
• Some of the stimulus money is on the way to Chicago Public Schools, but it's not even close to being enough to solve the shortfall. Washington is sending $190 million. But as CBS 2's Kristyn Hartman reports, the district will still have a $475 million hole in its budget.
  
  District leaders say between now and June they will lay out a series of steps to close the budget. They have some ideas, but nothing is firm just yet. They did say they would like more money from the state, and they did say there would be trimming.
  
  "The projected $475 million budget deficit that Mr. Huberman has outlined today is very real, and very serious," said Board of Education President Michael Scott.

And real estate transfer taxes are down, along with sales taxes, tickets, fines, licensing, and pretty much everything else.

And so are the middle-class taxpayers. They're beginning to flee the city.