The city of Chicago is in dire fiscal and financial straits with an almost billion dollar budget deficit, bonds rated at junk status or below, numerous extremely costly legal judgments, a shrinking tax base, and unfunded public pension liabilities to the tune of an astonishing $42 billion.
Other than that, it's a great place to live.
The state of Illinois has its own financial troubles, so the city can expect little or no help there. And good luck getting a federal bailout through the GOP Senate and signed by a president who's been called a "racist" by the mayor.
The shrinking tax base is clear proof that citizens are already over taxed. And since it's Democrats in charge, there won't be much cutting of city services.
The only option for Mayor Lori Lightfoot and the city council is restructuring the city's massive debts. In other words: bankruptcy.
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4 comments:
Elect Democrats and you end up losing.
Baltimore will soon follow
Or San Fran.
I don't believe that Democrats really understand or care about what is taking place in our cities. Their answer has always been to simply raise taxes thus forcing more of the working class to move or sink to the bottom. The truly wealthy will always have a way of skirting taxes. Meanwhile the remaining people continue to kill each other at an alarming rate making it an even more unpalatable place to live. Welcome to the "New" American city. A Democrats wet dream.
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