Skip to comments.Cradle-to-grave debt load leaves no Chicagoan free
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 ...
Don’t worry about it. (And I’m an extreme example—I can see Lake County over my left shoulder through the window).
They are still free to move away. That would be wise. Don’t tarry.
plus Chicago has Lake Michigan and can sell water to California if they transport it. It is all down hill.... look at the map
“It has to have a ‘cancerous’ effect on the rest of Illinois.”
The debt, or the city itself? Answer: Both.
“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.
2010 population of Chicago 2695598
2010 population of Cook County 5194675