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Cradle-to-grave debt load leaves no Chicagoan free
Chicago Tribune ^ | 2/14/14 | Tim Jones

Posted on 02/16/2014 7:09:43 AM PST by Libloather

CHICAGO — This is now the city of big debt, where each of Chicago's 2.7 million residents — from infants in diapers to senior citizens on fixed incomes — is on the hook for about $20,000 in long-term pension promises and bond obligations.

Like the relentless snow clogging the city's streets, it just keeps piling up.

Chicago isn't bankrupt Detroit, junk-status Puerto Rico or New York at the brink of insolvency in 1975. Yet the city of gleaming skyscrapers along Lake Michigan's shore tripled its debt load from 2002 to 2012, as it ignored annual pension payments and borrowed for capital and operating expenses. A $590 million payment for retirement obligations is due next year, threatening cuts in everything from police to garbage collection, a tax increase, or both.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events; US: Illinois
KEYWORDS: chicago; free; grave; illinois; load
The city is about to pile on more borrowing, worsening its status as the biggest carrier of per-capita debt among the nation's most-populous cities. Chicago plans to sell $650 million of bonds in the coming weeks, adding to liabilities that soared in the past decade.

Congress borrows all the time. What's the big deal?

1 posted on 02/16/2014 7:09:43 AM PST by Libloather
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To: Libloather

Did the Chicago Tribune just discover this? Do they know how this happened?

Anyway, welcome to the party, pals.


2 posted on 02/16/2014 7:14:37 AM PST by St_Thomas_Aquinas ( Isaiah 22:22, Matthew 16:19, Revelation 3:7)
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Comment #3 Removed by Moderator

To: Libloather

Big unions contribute 99%+ to liberal democrats in order to get them elected so that the unions get insane pensions/benefits as payback.

It is a great feedback loop which guarantees democrat long term rule in most of America’s big cities.

Did I mention that any city employee must join these unions and pay union dues as a CONDITION of employment?

And we wonder where it will end.


4 posted on 02/16/2014 7:18:31 AM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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Comment #5 Removed by Moderator

To: KoRn
It has to have a 'cancerous' effect on the rest of Illinois.

It does. The whole state is broke too.

6 posted on 02/16/2014 7:35:40 AM PST by RugerMini14
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To: Libloather

Bttt


7 posted on 02/16/2014 7:38:36 AM PST by 4Liberty (Optimal institutions - optimal economy.)
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To: Libloather

excellent article. thanks


8 posted on 02/16/2014 7:46:06 AM PST by wiggen (The teacher card. When the racism card just won't work.)
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To: Libloather
This is now the city of big debt, where each of Chicago's 2.7 million residents — from infants in diapers to senior citizens on fixed incomes — is on the hook for about $20,000 in long-term pension promises and bond obligations.

And the sad reality for those infants in diapers, by the time they find out about their share of the debt, it will probably be twice as much.

9 posted on 02/16/2014 8:01:40 AM PST by fhayek
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To: Libloather

It’s a pretty sweet little con game they got going. The city won’t raise taxes on the citizens because the citizens would throw them out of office. So, the city offers some bonds for sale. Some Slickyboy financial types rush in to buy the bonds with other people’s money. The slickyboys get paid and the politicians get paid and the city keeps throwing money around. Eventually, the city has to pay off the bonds, so they declare bankruptcy. The people who gave their money to the Slickyboy money managers then start crying to the politicians, who were in on the con from the start, and the politicians pay them off with tax money from people who live a thousand miles from any of the city’s services. The people perpetrating this hoax live the good life while the guy in Idaho wonders why the government needs so much of his hard-earned pay.


10 posted on 02/16/2014 8:20:28 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: fhayek

For this and other reasons, the productive decent people of Chicago should move outside the city limits of Chicago. Ditto for many other major cities, which are going to confront these problems in the future.

Move and dispose of all property you own in such cities, so you won’t be taxed to pay for all these mistakes.


11 posted on 02/16/2014 8:27:53 AM PST by Dilbert San Diego (we')
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To: Libloather

Democrats have controlled big cities long enough to have destroyed most of them although many people don’t yet realize it. They have done the same thing at the State level in those states where they have long term control. They are now trying to do the same thing at the Federal level, often aided by Republicans who believe that spending someone else’s money is the path to perpetual political power.

This fantasy world will come crashing down, it simply cannot be sustained. Millions of people will pay the price when the dream comes to an end. The only ones who will have benefited from the fantasy life will be the politicians.


12 posted on 02/16/2014 8:27:58 AM PST by centurion316
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To: 2banana

I don’t wonder where it will end.

Rahm E. cannot walk on water. Detroit and San Bernardino, to name two, already tried and couldn’t do it.


13 posted on 02/16/2014 8:45:06 AM PST by Cen-Tejas (it's the debt bomb stupid!)
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To: Dilbert San Diego

According to one of my lib sisters who lives in a Chicago suburb, most non-black/Hispanic residents of the Chicago suburbs are Republicans. She whines about being the only Democrat at parties. I just laugh. Even her husband is a Republican.


14 posted on 02/16/2014 8:48:15 AM PST by driftless2
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To: Libloather
Chicago city debt of $20,000 per person is like having someone you don't know take out a credit card in your name. They spend the money and leave your with the responsibility to pay it back.

Why does the city of Chicago get away with what in most ways is identity theft?

For $20,000 you could drive yourself a brand new car.

15 posted on 02/16/2014 9:09:37 AM PST by Slyfox (We want our pre-existing HEALTH INSURANCE back!)
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To: Dilbert San Diego
For this and other reasons, the productive decent people of Chicago should move outside the city limits of Chicago. Ditto for many other major cities, which are going to confront these problems in the future.

The answer from the poly-libs is to tax everyone who can be considered to have earnings derived from ANY interaction with [insert name]! The current example of this is the pro athlete teams who are taxed on the portion of salary 'earned' in the locality. Once a tax has been established, it is easy to expand it to an ever larger group of 'tax payers', and that is what will be done.

Soon people will get tax notices from places they have never been but since the money is deemed 'earned' from there, pay you must. Why do you think we are seeing all the effort to track cars and people throughout the land? Yes, they say it is for [plausible reason] but when the data is just lying there ... TAX IT!

16 posted on 02/16/2014 9:22:30 AM PST by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
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To: Libloather

The saving grace is, you can move away.

Just don’t vote for the same insanity in the state you chose to inhabit, please!


17 posted on 02/16/2014 9:37:13 AM PST by SaxxonWoods (....Let It Burn...)
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To: Dilbert San Diego
the productive decent people of Chicago should move outside the city limits of Chicago

The City of Chicago is also the entirety of Cook County.

18 posted on 02/16/2014 9:51:28 AM PST by Zuben Elgenubi (NOPe to GOPe)
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To: Zuben Elgenubi

That’s news to me. I’m sitting in Cook County at the moment, and the Chicago city limit (probably) is more than twenty miles away.


19 posted on 02/16/2014 10:13:52 AM PST by 1rudeboy
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To: 1rudeboy

I’m not sure how I made that mistake, as I lived in Chicago for 15 years. Sorry about that, I’m completely wrong.


20 posted on 02/16/2014 10:16:43 AM PST by Zuben Elgenubi (NOPe to GOPe)
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To: Zuben Elgenubi

Don’t worry about it. (And I’m an extreme example—I can see Lake County over my left shoulder through the window).


21 posted on 02/16/2014 10:21:15 AM PST by 1rudeboy
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To: 1rudeboy

They are still free to move away. That would be wise. Don’t tarry.


22 posted on 02/16/2014 10:25:35 AM PST by hal ogen (First Amendment or Reeducation Camp?)
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To: Libloather

plus Chicago has Lake Michigan and can sell water to California if they transport it. It is all down hill.... look at the map


23 posted on 02/16/2014 10:30:20 AM PST by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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To: RugerMini14

“It has to have a ‘cancerous’ effect on the rest of Illinois.”

The debt, or the city itself? Answer: Both.


24 posted on 02/16/2014 11:23:52 AM PST by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: Slyfox

“Chicago city debt of $20,000 per person is like having someone you don’t know take out a credit card in your name. They spend the money and leave your with the responsibility to pay it back. “

Not exactly...A Chicagoan can move, and (at least so far!*) drive the U-Haul away scot-free.

*Of course, who knows what the future holds...look at the “clawbacks”, “look-backs”, and ex-post-facto laws pulled off lately.


25 posted on 02/16/2014 11:27:00 AM PST by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: Zuben Elgenubi

About 1/2.
2010 population of Chicago 2695598
2010 population of Cook County 5194675


26 posted on 02/16/2014 12:13:34 PM PST by scrabblehack
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To: blueunicorn6; Dilbert San Diego; centurion316; driftless2
If Your State is a Mess
27 posted on 02/16/2014 1:33:35 PM PST by Jacquerie ( Article V.)
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