Skip to comments.Emanuel's Chicago Is On Path To Be The Next Detroit
Posted on 08/08/2013 9:50:43 AM PDT by raptor22
Cities: Chicago appears to be following Detroit's lead to financial disaster, perhaps the latest victim of decades of one-party rule by Democrats eager to redistribute wealth while driving real wealth creators out of cities.
Moody's Investors Service downgraded the Windy City's credit rating by three notches last week, partly the result of $19 billion in unfunded pension debt, leaving Chicago's lower than 90% of Moody's public finance ratings.
Among the nation's five largest cities, Chicago has put aside the smallest portion of its looming pension obligations, according to a study issued this year by the Pew Charitable Trusts.
The condition of Chicago's four city employee pension funds is growing desperate.
The firefighter pension fund has assets to cover just 25% of liabilities, followed by police (31%), municipal employees (38%) and laborers (56%). The city's four funds for retired city workers are short by $19.5 billion.
Pew also reports Chicago's retiree health benefits are exactly 0% funded, with not a single dollar against a $1 billion liability. The city's retirees could wind up in thrall to ObamaCare.
(Excerpt) Read more at news.investors.com ...
“Chicago appears to be following Detroit’s lead to financial disaster, perhaps the latest victim of decades of one-party rule by Democrats eager to redistribute wealth while driving real wealth creators out of cities.”
And his idol in the white hut is on par to lead the US to financial disaster...
Pray we take back the Senate and retain the House in 2014 — We can then at least stop or freeze the present_dents appetite for “tax and spend” and try and start turning this failing ship around.
Rising debt, falling credit rating, growing illegal population.
Couldn’t happen to a more deserving town.
Want a shock. Check out who won the primary in Detroit last night.
0% towards retirees healthcare. Why am I not surprised. Chicago politicians make promises in exchange for votes then when the bill comes due just stick everyone else with the bill. Why put money away for healthcare when it soon will be free for everyone?
See posts #4 and #46.
See posts #4 and #46.
I did not know this. Previously, I had predicted that Chicago won't go the way of Detroit for a long time because there are still plenty of wealthy people to fleece. As long as they can still cut checks, they can still cook the books. I had surmised that until you start seeing a trend of population decline, Chicago can't even be considered to be on the list of who's next.
This must be a well kept secret. Because it is the upper and middle class that can afford to move or relocate. The poor don't move. The wealthiest usually go first as many of these folks already work on a national level. If they are losing population, it's a good bet that many of these are the highest tax victims.
I know a lot of Chicago people move to the high rent districts in northern Indiana (just out of Chicago). But those folks get hit with double taxation from IL and IN. An IL law requires workers that earn income in IL and live in IN still have to pay IL income tax. IN also collects taxes from them but I think IN let's them take some part of a deduction for what IL charges them (Not sure of the details here). I speculate that is why there is so much money in the Region (far northwest IN).
The large urban areas have become a threat to the republic, the sooner they fail the better!
So will this triumph be enough to power Rhambo to POTUS 2017?
That be HOPE & CHANGE. Wees democrats HOPE you pay more taxes before youss all CHANGE where you lives.
I wish (and hope someday) I had that much hope. But unless we can take keep the House and take the Senate and Executive Branch WITH real hardcore and unashamed conservatives, we won't be reversing anything as is needed.
I think we have seen the last Republican Pres for a while. The numbers suggest we have reached a tipping point where over 50% of the nation is now dependent (in some form or another) on the Fed for their lifestyle and/or income.
I just don't see it happening before we fall apart as a nation.
IBD EDITORIAL PING
What happened with Detroit is that the big businesses stayed downtown but their employees moved outside the city limits and commute. All those little neighborhood businesses followed their customer base to just outside the city.
Pew also reports Chicago’s retiree health benefits are exactly 0% funded, with not a single dollar against a $1 billion liability. The city’s retirees could wind up in thrall to ObamaCare.
Ah sweet sweet irony. I love it
Except what that really means is that you and I and other taxpayers will fund it now.
IBD EDITORIAL PING
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.