Posted on 07/13/2016 4:10:26 AM PDT by detective
The city of Detroit, now famous as an economic disaster, began its decline when it lost jobs. This was accompanied by a loss of population, a rapid rise in poverty, increasing dependence upon federal entitlement programs and an unstoppable downward economic spiral.
Puerto Rico is now undergoing an economic collapse sparked not by population loss but by excessive government spending. Chicago is in the same situation. Government overspending and over taxation comes first, population loss follows.
Chicago is technically bankrupt. Its expenditures have exceeded its receipts for about ten years. All big rust belt cities in the Midwest, East, and Northeast have been losing population since 1950. Detroit’s population has dropped from 1.85 million to 800,000.
(Excerpt) Read more at americanthinker.com ...
Today the average Chicago public school teacher will retire with a pension of $73,000 a year. With a normal life expectancy each person will collect two million dollars of other people’s money.
Of course, this pension money is well deserved: 40% of Chicago’s high school students don’t graduate.
Got out right after the income tax was raised 66%...OVERNIGHT!! Loved living there before that! Would NEVER go back.
The Democrats and GOPe are planning the same thing for the entire country. The people suffer while crooked politicians make out like bandits.
“Interesting order they put those into. I’d put increasing dependence on federal entitlement first.”
It was crime and corruption that destroyed Detroit.
Detroit was a one party Democrat city. There were literally no Republican office holders in the entire city. The Democrats helped the criminals take over. They ruined the city block by block, neighborhood by neighborhood.
This is why Americans have started, and lead by DJT, to take America back!
That person retiring today will not see much of anything considering their pension fund is bankrupt and the state/.gov cannot pick up the slack. Probably would have happened anyway, but Fed Zero Interest Rate Policy ensured it will happen as it is impossible to receive the nice safe bond return of 5-6% and compound return of 7-8% their pensions were based on. In that sense all pension funds and insurance companies are screwed, but IL ever so much more. Basic math, but the little peeps don’t have a clue what is coming.
Those that retired in previous years will also receive the shock of their lives when the lights go out and it’s far too late to do anything about it.
Chicago under Rahm is a total disaster, who would move there or even want to go there for a two-day business conference etc.,
It’s best to hurry up and be the first to collapse (ala Puerto Rico) that way they can get the full attention and the bailout dollars, by the time flyover country Sioux City or Oklahoma City reaches this point all the money will be gone,
Bump for interesting stuff
By the way, I believe the Detroit ballots are nonpartisan for city officials. Worse then Dem can squirm into office.
That’s my point. Once you start involving government, a different set of incentives kick in. Instead of work, profit, etc., the focus now becomes how can government employees expand their wealth and power.
Chicago abortion mills are humming. Slaughter on the streets. Financial ledgers run red. What was Margaret Sanger thinking?
"There goes the neighborhood". Not just a cliché.
A study in the failure of liberalism...
One thing for sure is that the Chicago gold and silver markets are in a strong bull run now and will continue to be. The Chicago Commodity Exchange is indefatigable.
Amen, brother....and they deserve the rude awakening that awaits them.
The massive, leftist-progressive welfare state ONLY exists because the USA has a fiat, unbacked currency, and a Federal Reserve, which can create debt, and manipulate interest rates. This is the life blood and oxygen of the welfare state.
Return us to a free-market currency, out of the control of central planners, and the leftist-progressive nanny state dies immediately.
8~O
“We learn nothing from history except that we learn nothing from history”.
Liberals always think they are smarter and can correct mistakes of the past but, in the end, history repeats itself.
At yesterdays rally Trump pointed out that more than 5,000 people have been shot to death in Chicago since Barak took office.
“We’re going to change that” he said.
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