It's called the Chicago Way ... where we hike taxes ... cut services, ... cave in to unions ... pander to blacks and gays ... pretend we can solve our crime problem by confiscating guns ... and assume that we won't end up like Detroit!
Posted on 07/28/2013 6:24:32 AM PDT by Zakeet
Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, year-end audits show.
Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel.
The 2012 city audits explain why.
[Snip]
The audits by the accounting firm of Deloitte & Touche provide a treasure trove of information about city finances and operations.
Interesting nuggets include:
[Snip]
[Snip]
By July 31, Emanuel must release a preliminary city budget. It’s almost certain to include another massive deficit — strengthening the city’s case in contract talks with city unions — that will have to be closed with more layoffs, service cuts and new revenues.
(Excerpt) Read more at suntimes.com ...
It's called the Chicago Way ... where we hike taxes ... cut services, ... cave in to unions ... pander to blacks and gays ... pretend we can solve our crime problem by confiscating guns ... and assume that we won't end up like Detroit!
In a recent post someone fretted that there isn’t any way to short municipal bonds. I betting there isn’t as well but you never know. If we have a smart Freeper out there who knows how then he/she should spread that knowledge around.
They will do their best to make it Detroit
It may be called the Chicago Way but it started in California.
As they say here how California goes so does the rest of the country.
For every democrat controlled state it’s the golden rule.
If water “use” rises but water utility billing receipts don’t, your ancient municipal water system is failing.
The city population certainly isn’t rising and neither is industrial usage.
Ka-ching. Wonder if the “usage” of the city sewer system is “rising” too?
Probably.
It may be called the Chicago Way but it started in California.
********
Seems that it has now become the the National Way.
Strangely, Chicago’s population increased to 2,714,856 in 2012 from 2,695,598 in the 2010 census.
Young people are moving back to the downtown area. We’ll see if they can survive the taxes.
Thanks Zakeet.
I think surviving the taxes might be the least of their worries. They need to survive the blazing guns.
There are or were some very beautiful residential highrises dotting the Lake Michigan waterfront. I can see why it might be tempting to young singles. I thought about it myself in the nineties, being in the printing and direct marketing business with the Chicago metro being something of a mecca for that at the time. It’s coming apart now, though. Pity. It was a pretty city, north of the forties at least. It won’t be taxation that runs them off so long as they’re paid enough to cover their bills, they’re sort of stupid that way with stars in their eyes about big city living, it’ll be street crime.
it was not until relatively recently, the past couple decades, that the city even tried to collect for water usage. in some areas of the city these are still no water meters installed. even among those with meters, many just ignore paying the bills and the city does very little to collect.
Agree
Its legal to carry a gun and defend yourself with it in Detroit.
That “increase” is so minimal, it’s almost irrelevent.
Detroit solved some of their problems by passing a resolution supporting Trayvon... changing the subject.. distracted the lower classes. Then Chicago could borrow money to build a multi-million dollar sports stadium so people could take their minds off living in a sinking hellhole. Might work../s
Chicago is about to experience its “1975”.
Chicago is a sanctuary city.
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