-- Connecting the dots between our economy, government and business --
In Chicago, the city council is now drifting toward bankruptcy like a ship of fools. For those of us who love our home city, it is a painful thing to watch. Despite a history of corruption under the Daley machine, the city was always a pro-growth town that attracted industries. It is now following Detroit’s path toward insolvency as politicians kick the debt can down the road for someone else to pay.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Summary and audio linked here.
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Audio and summary
Does the debt service figure include pension contributions? Funded pensions are a type of debt paid by the trust, but the rest is primarily money owed in the current fiscal year. At these point it hardly matters if it’s principle or interest.
A boat is a hole in the water into which one pours money.
Chicago, a hole in Illinois into which taxpayers pour their hard earned money!!
And as the saying goes: the 2 best days in a boat owner’s life is the day they buy the boat and the day they sell it.
Mayor Cliff Notes has a cunning plan. With Chicago’s hull taking on water and sinking fast, he suggests tearing a hole in the hull to let the water out.
i think the important question is how the rest of the state would be affected by chicago’s financial demise? for example, there is already a real possibility of IL tolls being increased 50% to help pay for the mis-management of chicago’s public transit system.
They will pay and then pay some more.
PPF has BROWN eyes!!
Fulla what you say?
Let it happen! Pritzker and Johnson own it! Great stuff for their respective resume’s.
Not to disagree with Turley’s main point, but he says “Roughly, two-fifths of the budget is now going toward debt service and pension costs.” Then he says “Chicago now spends 40% of its money on debt servicing.” So what happened to pension costs?
And he compares the New York municipal budget to the Florida’s state budget. The comparison is inappropriate, as municipalities have a lot more responsibilities (including schools in New York) than states.
I suspect the article was written in a hurry. And his main point stands.
As we learned in January from Nick Shirley, Dr. Oz and others, a majority of the ‘generous social programs’ she speaks of are nothing more than outright fraud and grift, essentially gifts of stolen money to loyal Democrat ethnic groups. Government paid child cares, hospices, UBI, non-medical transportation, autism treatment, all of it, nearly all of it is outright fraud. Democrats want to raise your taxes to create more Quality Learing Centers. And they look at you with a straight face when they say this. Several days after Nick Shirley released his groundbreaking video showing that state daycares in Minnesota… Read more »
No one has sold more Florida Real Estate than Illinois Politicians.
The city sold out to the public sector unions greed. This problem will last for generations to come; the cost of unfunded pensions is growing like a terminal cancer. The only way out for the taxpayer now is to get out of Illinois, the best day of their life.
Ken Griffin has been an economic boom to Miami.
These lyrics by Milwaukee songwriter Will Porter from his song How To Rob A Bank explain what Brando and CTU have done. “Some say I need a driver A Nixon mask and gun But let me tell you brothers and sisters That’s not how you get a bank job done You can’t walk in there brazen With an Uzi like Patty Hearst I’m gonna secure myself a seat On the board of directors first Oh, that’s how you rob a bank”. Seems like Johnson is on a four year kamikaze run to plunder what he can for CTU and other… Read more »
I fully expect the Democrats in Springfield to give Chicago bailouts. People need to leave as the fiscal malfeasance in Chicago will impact the whole state. We already saw this with Pritzker and Democrats robbing the road and bridge gas tax funds for Chicago.
Nothing is being done about Chicago’s problems by the city or the state, which means it’s now just a matter of chronicling Chicago’s path to Detroit. That may or may not mean an eventual formal bankruptcy, because I am not at all sure that a Chapter 9 bankruptcy would work for Chicago.
The best thing the next major can, if the city makes it until the next election, is run on the bankruptcy now platform. Most of the union contracts will have to be voided and hopefully the bankruptcy judge can also adjust pensions or there’s still little hope. Chicago can’t continue to have 3 men on a garbage truck when the rest of the country, who knows maybe not in other corrupt blue cities, have 1 person on a truck, Subsidizing trash colection $300 million just shows how insane the city is run.
It didn’t take long for these so-called progressives to land Chicago in the sorry condition it is, thereby showing that they’re the opposite of progressive regarding Chicago’s economic health. Of course, they’ll continue to blame others.