Emanuel's Chicago Is On Path To Be The Next Detroit

Investor's Business Faily ^ | August 8, 2013 | IBD EDITORIALS

[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.

[bobo1]

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.

[raptor22]

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[bert]

Amen