If You Thought It Couldn’t Get Any Worse For Chicago… ZeroHedge

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Downstate cynic
7 years ago

We have seen this movie before. Think Detroit.
Only worse. This time the state is also structurally insolvent.
I am surprised they have not brought up a capital excise tax on assets.

Platinum Goose
7 years ago

From Wikipedia “Some of the named causes for the Detroit bankruptcy are the shrinking tax base caused by declining population, program costs for retiree health care and pension, borrowing to cover budget deficits, poor record keeping and antiquated computer systems, 47% of owners had not paid their 2011 property taxes, and government corruption.Two city workers pension plans had for nearly 25 years been paying out “13th month” checks. Hmmm, any similarities?

Downstate Downtrodden
7 years ago
Reply to  Platinum Goose

Yet another sad comment on the current state of the Illinois electorate. The evidence doesn’t take much work to find, and most are too lazy to even do that. But If there’s one thing politicians love, it’s low information voters.

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