Congress borrows all the time. What's the big deal?
Did the Chicago Tribune just discover this? Do they know how this happened?
Anyway, welcome to the party, pals.
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.
excellent article. thanks
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.
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.
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.
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.
The saving grace is, you can move away.
Just don’t vote for the same insanity in the state you chose to inhabit, please!
plus Chicago has Lake Michigan and can sell water to California if they transport it. It is all down hill.... look at the map