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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
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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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