Another Dem City Goes Down

[Spare_change]

A few months ago, winning re-election was Chicago Mayor Rahm Emanuel’s biggest problem. Now, his problem seems to be that he won. His prize is a mountain of financial problems, so severe that the ongoing gunfire in the rough parts of town is taking a back seat.

On May 12, Moody’s Investor Service gave Chicago a double-notch downgrade to its credit rating, leaving municipal bonds at “junk” status. According to Ted Dabrowski at the Illinois Policy Institute, public employee pensions are so underfunded, the shortfall will nearly equal six times the annual budget for the city. The pension debt – quadruple what it was a decade ago – works out to $60,000 per Chicago household.

“Chicago, I think by any measure, is already broke,” said Dabrowski. “Eventually, you’ll find a situation where Chicago can’t fund itself.”

Emanuel starts 2nd term as Chicago financial crisis deepens with junk rating Fox News

 

[TheOldSchool]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

 

[OKTexas]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

And yet the are far beyond broke because of commiecrat policies of giving public sector unions whatever they want. Go figure, personally I think it couldn't happen to a nicer guy.

 

[TheOldSchool]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

And yet the are far beyond broke because of commiecrat policies of giving public sector unions whatever they want. Go figure, personally I think it couldn't happen to a nicer guy.

Yep they should elect some republicans to turn them into a folksy country town. Also, please write them a check for the repairs your Texan highways received last year. I'm sure they'd appreciate that.

 

[Staidhup]

Mismanagement, fiscal irresponsibility, so what else is new? It is after all very expensive to buy votes and kick the fiscal can down the road. In short its called the travail of liberalism 101.

 

[OKTexas]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

And yet the are far beyond broke because of commiecrat policies of giving public sector unions whatever they want. Go figure, personally I think it couldn't happen to a nicer guy.

Yep they should elect some republicans to turn them into a folksy country town. Also, please write them a check for the repairs your Texan highways received last year. I'm sure they'd appreciate that.

Why dip, Texas sends more to the feds than we get back, fuck Chicago, let it burn, again.

 

[Dont Taz Me Bro]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

For how long? And why then are they having so many financial issues?

 

[TheOldSchool]

Mismanagement, fiscal irresponsibility, so what else is new? It is after all very expensive to buy votes and kick the fiscal can down the road. In short its called the travail of liberalism 101.

Yes they should elect republicans. Because on the list of top 100 cities in the world that earn the most money and contribute the most to their country's economies, it's social and fiscal conservatives running those cities. Oh oops NVM they don't run ANY of those cities.

 

[TheOldSchool]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

For how long? And why then are they having so many financial issues?

When a single city has an entire country leeching off of it, it must be hard for them to juggle their finances.

 

[TheOldSchool]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

And yet the are far beyond broke because of commiecrat policies of giving public sector unions whatever they want. Go figure, personally I think it couldn't happen to a nicer guy.

Yep they should elect some republicans to turn them into a folksy country town. Also, please write them a check for the repairs your Texan highways received last year. I'm sure they'd appreciate that.

Why dip, Texas sends more to the feds than we get back, fuck Chicago, let it burn, again.

Lol nope.

Which States Are Givers and Which Are Takers - The Atlantic

 

[Two Thumbs]

A few months ago, winning re-election was Chicago Mayor Rahm Emanuel’s biggest problem. Now, his problem seems to be that he won. His prize is a mountain of financial problems, so severe that the ongoing gunfire in the rough parts of town is taking a back seat.

On May 12, Moody’s Investor Service gave Chicago a double-notch downgrade to its credit rating, leaving municipal bonds at “junk” status. According to Ted Dabrowski at the Illinois Policy Institute, public employee pensions are so underfunded, the shortfall will nearly equal six times the annual budget for the city. The pension debt – quadruple what it was a decade ago – works out to $60,000 per Chicago household.

“Chicago, I think by any measure, is already broke,” said Dabrowski. “Eventually, you’ll find a situation where Chicago can’t fund itself.”

Emanuel starts 2nd term as Chicago financial crisis deepens with junk rating Fox News

that's a shame

there may not be enough population in Il to cover the fall out of Chi-town going detroit.

I hope they wise up before it's to late.

 

[Two Thumbs]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

how does a city that makes so make fall deeper into debt?

keeps electing dems



really, look at what policies you support do to a city, let that sink in, then think, for yourself, what it will eventually do to a state and then the country.

 

[OKTexas]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

And yet the are far beyond broke because of commiecrat policies of giving public sector unions whatever they want. Go figure, personally I think it couldn't happen to a nicer guy.

Yep they should elect some republicans to turn them into a folksy country town. Also, please write them a check for the repairs your Texan highways received last year. I'm sure they'd appreciate that.

Why dip, Texas sends more to the feds than we get back, fuck Chicago, let it burn, again.

Lol nope.

Which States Are Givers and Which Are Takers - The Atlantic

Seems your right for 6 of the last 8 years, of course it all due to your dear leaders expanded entitlement state and higher military spending.

Together, spending on the military and the major entitlement programs saw a 139 percent increase last decade and now accounts for about two-thirds of federal spending in Texas.

Texas can no longer complain that it gives more than it gets from federal government Dallas Morning News

 

[Ringel05]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

True but it's Chicago's (and Illinois) pension mess is only part of the problem, hefty pensions, grandiose promises by the politicians for even larger pensions but not putting any moneys in the coffers to back up their promises, yes some mismanagement and plain old fashioned corruption.
Why Illinois is Going Bankrupt TIME.com

There are other issues but it appears the pension funding issue is what's driving Chicago and the state into insolvency.

Would a Republican controlled city and state have done better? Don't know, I don't own a crystal ball.

 

[Ringel05]

Oh, the wife does have a couple of crystal eggs but I don't think they work the same........

 

[Dont Taz Me Bro]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

For how long? And why then are they having so many financial issues?

When a single city has an entire country leeching off of it, it must be hard for them to juggle their finances.

That's the reason? Really? Okay.

 

[Ringel05]

One other thing I've read is Illinois projected a growth in tax revenues with bringing in major corporations by offering those corporations huge tax credits to make the move, not all of those corporations took them up on the offer and Illinois saw a major decrease in tax revenues instead. Some companies did not meet their job retention goals. According to the author in 2000 Illinois restructured its tax code to benefit manufacturers essentially costing the state around $100 million per year.
Now there's people who obviously take issue with the authors conclusions, I don't know which is right, which is wrong or if they're all partially right and wrong,

Why is Illinois broke Articles News OakPark.com

 

[Lumpy 1]

Sheesh, yet another Democratic Party failure..

I do like Chicago's hockey team though ... Go Blackhawks

(move quick before it's too late..)

 

[DarkFury]

This thread could also be called: "Chicago contributes 3.6% of America's GDP, the 3rd most of any city or town in all of the United States."

And they were STILL stupid enough to go broke!

 

[C_Clayton_Jones]

"Another Dem City Goes Down"

This fails as a straw man fallacy.