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Emanuel's Chicago Is On Path To Be The Next Detroit
Investor's Business Faily ^ | August 8, 2013 | IBD EDITORIALS

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 ...


TOPICS: Editorial; Government; US: Illinois
KEYWORDS: chapter9; chicago; chicagoway; detroit; ibd; illinois; michigan; obama; pensions; rahmbo; rahmemabuel; rosemaryaquillina

1 posted on 08/08/2013 9:50:43 AM PDT by raptor22
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To: raptor22
Obama can see Detroit form his window.
2 posted on 08/08/2013 9:52:18 AM PDT by mountainlion (Live well for those that did not make it back.)
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To: raptor22

“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.


3 posted on 08/08/2013 9:56:40 AM PDT by areukiddingme1 (areukiddingme1 is a synonym for a Retired U.S. Navy Chief Petty Officer and tired of liberal BS.))
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To: raptor22

Rising debt, falling credit rating, growing illegal population.


4 posted on 08/08/2013 9:56:43 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: raptor22

Couldn’t happen to a more deserving town.


5 posted on 08/08/2013 9:57:28 AM PDT by RoosterRedux (Liberals' first line of defense is emotion...the fall back position is specious reasoning.)
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To: mountainlion

Want a shock. Check out who won the primary in Detroit last night.

http://www.freerepublic.com/focus/f-news/3052353/posts


6 posted on 08/08/2013 9:58:20 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: raptor22

0% towards retiree’s 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?


7 posted on 08/08/2013 9:59:48 AM PDT by shoff (Vote Democratic it beats thinking!)
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To: raptor22
I called it previously on FR. It is good to see IBD agree.

http://www.freerepublic.com/focus/f-news/3052069/posts?q=1&;page=1

See posts #4 and #46.

8 posted on 08/08/2013 10:00:48 AM PDT by detective
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To: raptor22
I called it previously on FR. It is good to see IBD agree.

http://www.freerepublic.com/focus/f-news/3052069/posts?q=1&;page=1

See posts #4 and #46.

9 posted on 08/08/2013 10:02:41 AM PDT by detective
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To: raptor22
Investor's Business Faily

lol...

10 posted on 08/08/2013 10:03:34 AM PDT by TomServo
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To: raptor22
People are fleeing in droves, voting the only way they can in a one-party town — with their feet. From 2000 to 2009, Chicago's population shrank by 200,000 — the only one of the nation's 15 largest cities to lose people.

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).

11 posted on 08/08/2013 10:05:11 AM PDT by Tenacious 1 (Waiting for next tagline.)
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To: raptor22

The large urban areas have become a threat to the republic, the sooner they fail the better!


12 posted on 08/08/2013 10:05:39 AM PDT by SWAMPSNIPER (The Second Amendment, a Matter of Fact, Not a Matter of Opinion)
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To: raptor22

So will this triumph be enough to power Rhambo to POTUS 2017?


13 posted on 08/08/2013 10:06:39 AM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: TomServo

That be HOPE & CHANGE. Wees democrats HOPE you pay more taxes before youss all CHANGE where you lives.


14 posted on 08/08/2013 10:07:11 AM PDT by spawn44 (MOO)
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To: areukiddingme1
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.

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.

15 posted on 08/08/2013 10:09:09 AM PDT by Tenacious 1 (Waiting for next tagline.)
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To: Nachum; markomalley; Clairity; Carlucci; grey_whiskers; meyer; WL-law; Para-Ord.45; ...

IBD EDITORIAL PING


16 posted on 08/08/2013 10:12:25 AM PDT by raptor22 (Visit my blog at True Conservatives on Twitter: http://t.co/IKpP3cwq)
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To: Tenacious 1

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.


17 posted on 08/08/2013 10:12:41 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: raptor22

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


18 posted on 08/08/2013 10:17:28 AM PDT by Kozak ("Send them back your fierce defiance! Stamp upon the cursed alliance! To arms, to arms.....")
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To: Kozak
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.

19 posted on 08/08/2013 10:19:14 AM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: Grampa Dave; granite; GreenFreeper; grjr21; I got the rope; IchBinEinBerliner; jaredt112; JayB; ...

IBD EDITORIAL PING


20 posted on 08/08/2013 10:38:46 AM PDT by raptor22 (Visit my blog at True Conservatives on Twitter: http://t.co/IKpP3cwq)
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To: raptor22

I like the fact that some cities in Colorado want to secede from the state. I think it should be done across America.

There are good people in Illinois. We need to secede from chicago. Hell, I am all for all conservatives moving to one side of the country and letting the liberals control the other half.

Fair test. See what works.


21 posted on 08/08/2013 10:39:19 AM PDT by bobo1 (the KDE plasma desktop is awesome!)
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To: Still Thinking; StopGlobalWhining; Straight Vermonter; Tampa Caver; TChris; ...

IBD DITORIAL PING


22 posted on 08/08/2013 2:23:08 PM PDT by raptor22 (Visit my blog at True Conservatives on Twitter: http://t.co/IKpP3cwq)
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To: SWAMPSNIPER

Amen


23 posted on 08/08/2013 2:29:38 PM PDT by bert ((K.E. N.P. N.C. +12 ..... Travon... Felony assault and battery hate crime)
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