Chicago Is on the Verge of Fiscal Collapse – City Journal

Chicago’s finances were already on life support. Now, with a single piece of legislation, the state of Illinois has pushed the city closer to fiscal collapse—and put every American taxpayer at risk of footing the bill.
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Tom Paine's Ghost
1 year ago

Here’s the take away for PPF and the other Public Sector Union leeches: “Opinions by bankruptcy courts in Stockton, California, and Detroit, Michigan, confirm that federal Bankruptcy Code would take precedence over the Illinois constitution’s pension clause. It would also empower the city to renegotiate other corrupt deals.” Get ready for the loss of your stolen loot.

Charles JOHANNS
1 year ago

This is a state run for public employees and the plaintiff’s bar. Why are the rest of Illinois voters such suckers?

The Railroader
1 year ago

Austin Berg attempts to blame JB the Hutt’s latest cup of financial bleach he funneled into taxpayers’ gullets. The problem isn’t just this one bill. It also isn’t just the massive public PBO the PPF so immovably defends. It’s the entire catalogue of spending that Illinois’ political animals just can’t say ‘No’ to. Everyone wants to be Santa Claus. Santa gives out free stuff and the bill to pay for it all never arrives. JB the Hutt is only missing the proper colored suit and the beard. Mayor Cliff Notes and the rest of the Santa Claus Caucus must have… Read more »

P. T. Bombast
1 year ago

It seems to get down to bailout or bankruptcy. If Trump keeps or increases the Republican majority in Congress, I think bailout will be off the table. The trajectory will then be toward bankruptcy. And that could solve a LOT of problems. For example, pension haircuts for the public pension millionaires. Clearly, we should protect the pensions of the less fortunate. This is the way the PBGC protects private pensions. This is the way Social Security caps benefits. Kicking the can on pensions is meant to secure the public pension millionaires for as long as possible. The retired superintendents are… Read more »

David F
1 year ago

Chicago Bankruptcy ASAP

Leaving Soon, just not soon enough
1 year ago

It has already failed; there is no hope now. Death by public sector greed. The courts will have to figure this mess out. The taxpayers will be the biggest losers of all. The public sector has destroyed the private sector businesses, much too expensive and risky to build a business in Chicago.

Hello, Indiana!
1 year ago

Trump to CHI “Drop Dead!”. Mayor Prozac and JB Trust Fund deserve nothing less.

Tom Paine's Ghost
1 year ago

JB and BJ and all of the CTU leeches are too vastly dumb to understand your historical reference.

ron
1 year ago

If one city gets bailed out of bankruptcy, then a thousand more will follow

David F
1 year ago
Reply to  ron

Detroit, now Chicago.

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