Posted on 06/12/2019 9:27:38 PM PDT by george76
Chicago Mayor Lori Lightfoot on Wednesday said there’s “no question” residents will need to pay more in taxes or fees to plug a looming city budget shortfall estimated at more than $700 million.
Lightfoot made the comment, without elaborating on specifics, after her second City Council meeting, when she was asked about a campaign promise to find budget cuts before seeking a property tax increase.
...
There’s no question we’re going to have to come to the taxpayers and ask for additional revenue
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Lightfoot took office last month facing a gaping budget hole in the next fiscal year
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It had been expected that when Lightfoot took office and prepared her 2020 budget, she would have to come up with a combined $528 million in tax increases and budget cuts. But last month, officials in former Mayor Rahm Emanuel’s administration said the shortfall would be worse because of costs previously covered with expensive borrowing practices and the city’s pension investments performed badly at the end of 2018
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By 2023, Lightfoot will need to come up with nearly $1 billion in additional annual pension payments.
(Excerpt) Read more at chicagotribune.com ...
This is the second, widely disparate, forum I have seen this analysis on in two days.
And, I agree.
BUT, the leftists fight against Trump when he wants to do this and fight against the very policies that will increase the stock market. Almost as if they have a death wish.
The amount of ammo means nothing unless you have the personnel to shoot the ammo.
Dittos to that. I live in The People's Republik of Connecticut, but at least it's not Chicago!
This means more taxes to pay the fat pensions.
Nothing else matters.
The low interest rates are part of the problem in another way - the pension investments are generating enough income.
PFL
Because everything the government does is essential and cannot possibly ever make do with less.
Austerity is for you serfs, not your betters.
Lefties raise taxes.
Conservatives lower expenditures.
Make the SOB’s live on a grand a month...Like on disability.
When all the businesses and residents who work leave there will only be takers
In other news, ‘Sun rises in the east’.
It's not a death wish. It's needed to generate reliance on the government and handouts. When the market and economy are good, the people don't look at government as a savior. But, when markets and the economy tank, the government inevitably creeps into many people's lives more.
It's all ultimate about control, and dire times create better opportunities for the government to exert more and more control.
All the QE that happened as a result of the last recession has put us further behind the right ball. Investment banks took the handout and ultimately used it to either pay out bonuses, or to generate revenue for the bank; and not as it was originally intended.
Thanks to the non-existent interest rates, many public companies leveraged up and did stock buy-backs to support their earnings per share and ensure exec bonuses. So while company top line growth was flat in many instances, their debt increased. There is no sound reason for the stock market to be where it is at today.
With interest rates being so low, people also stopped putting into savings accounts and moved into stocks where they might earn some returns. The problem is the institutional investors can react faster than either you and I and when it does correct this next time, it may be extremely brutal. But at least the government can step in and say, "Hi! I'm here to help."
What are Chicagoans doing? It’s this
http://freerepublic.com/focus/f-news/3749188/posts/#40
If it was not intended to "generate revenue for the bank" what was its intent?
...Thanks to the non-existent interest rates, many public companies leveraged up and did stock buy-backs to support their earnings per share and ensure exec bonuses. So while company top line growth was flat in many instances, their debt increased. There is no sound reason for the stock market to be where it is at today...
I think the system worked exactly as it was supposed to. The real problem was nearly zero economic growth under Obama due to ever increasing regulation. The Fed was able to mask some of this with their QE policy but we will suffer the after effects for a long time.
The slowdown in illegal immigration under Obama was not because of his border policy, it was because his economic policy killed jobs. Without jobs, there is no attraction for illegals to come here.
The only way to work off the QE problem is through inflation. But the left hates Trump so much that they would rather see a government-inspired recession than real job growth.
Dear chicongo taxpayers: Bend over. Open wide for Chunky!
Boom! Chicka boom! Dontcha just love it? Chicka Boom! Dontcha just love it? Chicka Boom Boom Boom! My theme song if I was leaving Chicago.
Chick-a-boom-chick-a-boom
(Mmmmm-aaaah)
Don’t ya jes’ love it
Chick-a-boom-chick-a-boom
(Mmmmm-aaaah)
Don’t you jes’ love it
Chick-a-boom-chick-a-boom
(Mmmmm-aaaah)
Don’t ya jes’ love it
Chick-a-boom-chick-a-boom-boom-boom
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