“In a sense, the bond market has been an enabler of Emanuel’s mishandling of the city’s economy. Having an active market to sell debt provides short-term cover so he can continue to keep government large and raise property taxes to pay for additional largesse, such as a huge unfunded pension liability.”

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Bob Oriole Park
4 years ago

The city bond offering from June tells the story so well. Of the 1.08 billion proceeds from the sale, on P16 Use of Funds it says “Repayment of short term borrowing program” amounts to 681.5 million. So much for not kicking the can down the road any more. I’m not a rocket scientist when it comes to math by any stretch, but it’s pretty clear to see. Props to Mark for referencing the municipal bond reports link in an earlier article. Very enlightening and frightening stuff to read.