Rahm speaks about Chicago’s economic future at Bloomberg Summit - Los Angeles Local News | FOX 11 LA KTTV

Rahm speaks about Chicago`s economic future at Bloomberg Summit

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CHICAGO (FOX 32 News) -

Some of the world's biggest movers and shakers are gathering at the Art Institute of Chicago to talk about what lies ahead for 2014.

The Windy City is a significant part of the global economy.

Mayor Rahm Emanuel took to the stage Wednesday to talk about the economic future of Chicago with Bloomberg TV's Betty Liu. During the luncheon, he said the key to keeping our local economy among the most competitive in the world is education.

"35 to 36 percent have a four-year college degree or better," he said Wednesday. "In the United States, it's 27 percent. I have to maintain that academic gap if not grow it. Our universities are more important than what corporations move their headquarters here. "

Mayor Emanuel did tout the fact that during his tenure, 22 corporations moved their corporations' headquarters to The Windy City. Of course, the mayor was also asked about the massive $33 billion debt and pension obligations the city currently faces.

"I've done three budgets in a row and eliminated employee-head tax…didn't cut, eliminated. And our structural deficit was taken down by two-thirds. That's foundation laying for pension reform."

The mayor is one of hundreds of corporate and political leaders speaking at the conference titled: The Year Ahead: 2014. Other speakers include Madeline Albright, Google's Eric Schmidt and the and Prince Alwaleed Bin Talal--a member of the Saudi Royal Family.

It's the first time the conference hosted by Bloombberg is being held in Chicago. The two-day event wraps up Thursday afternoon.

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