Posted on 02/27/2015 5:09:07 PM PST by Libloather
The debt-plagued city of Chicago took another financial blow late Thursday when Moody's Investors Service downgraded the city's debt rating, citing its overwhelming pension burden.
Even if recent state pension changes survive a court challenge, the ratings statement said, "we expect Chicago's unfunded pension liabilities — and the costs of servicing those liabilities — to continue to grow, placing significant strain on the city's financial operations."
The drop, to a rating of Baa2, could drive up borrowing costs for the city and cause problems with some of Chicago's current interest-rate swap contracts.
(Excerpt) Read more at chicagotribune.com ...
Crocced Dumicrats
While everybody was giggling at the rickety handcart of Detroit, this is the freight train I was warning of.
Just what is the rating below “worthless”?
Yep. Rahm and his boys run Chicago. Good Democrats run Chicago. No way they can blame any of this on evil Republicans who left a financial mess to.clean up.
When is the last time Chicago had a Republican mayor? Ever in modern history???
I think Princess Rahm just got off the phone with Eric the Corrupt to start the investigation of Moody’s.
Rahm runs a JUNK BOND city!! Ha-ha!
Baa Baa Baa…tax the sheep more until they stop bleating.
https://www.youtube.com/watch?v=u-KJWz-5n0g
1931. Look it up. One party rule for 84 years, and no change in sight.
Actually, Rahm may lose to someone who is even worse. Rahm only got 45 percent of the vote and he needed 50 to avoid a runoff which is April 7. So he’s running against some far left tool of the teachers union who also endorses a $ 15 an hour minimum wage in the city. Why doesn’t he go further, $ 50 or $ 100 an hour, free employee lunches, after 15 years - full retirement. Think of how all that extra spending money would stimulate the Chicago economy.
Ironic how Rahm may lose because his sanctuary city illegals are voting for one of their own.
Yep. Typical democrats. They can’t begin to understand basic economics. They only understand theft thru taxation from those who create value. Some things never change......
The call will be to burden white taxpayers with the excesses and laziness of the majority, minority population...and completely corrupt communist politics.
Just before he stepped down, Mayor Daley said in a speech to the Economic Club of Chicago, that the city unions were going to destroy the city. Rahm tried to renegotiate the teachers contract. He hired an anti-union school president. But the union brought in a new president. And she organized the teachers, blocking the loop and striking. Rahm chose to back down. But he did open several charter schools. And he closed several under-performing public schools.
Now there is a union candidate who is Hispanic. If this guy wins you can forget the city. Not that the city isn’t in trouble now. But this guy promises to spend more and give the unions everything they want. And the Illinois constitution guarantees that any government worker can receive equal or greater benefits, and never can they be diminished. And because the state is in the same mess, there is no help there.
Many people say that Illinois is the most indebted of all the states. But that’s just the half of it. Because they are not counting the city of Chicago’s debt. When you add that, you double the debt. Its like twice as bad as California.
and still the stupids of Chicago will re-elect rham.
Absolutely right; after the leftists implement these crazy policies, they will then complain that not even McDonald’s is hiring in Chicago and that no big chain stores will consider opening in the locations they rule, which they will attribute to “racism”, “corporate greed” or some such explanation that has no connection to the reality of basic economics. Would you consider opening a store or hotel in Chicago, committing yourself to a long-term lease, and knowing that some crazy double-edged increases in operating costs and accompanying taxes are on the horizon??
Here’s a very short clip. This just scratches the surface for Chicago’s problems....http://tribads.chicagotribune.com/microsite/presson/brokenbondsB.html
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