Free Republic
Browse · Search
News/Activism
Topics · Post Article

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
[ Post Reply | Private Reply | View Replies ]


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)
[ Post Reply | Private Reply | To 1 | View Replies ]

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)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: Libloather

Bttt


7 posted on 02/16/2014 7:38:36 AM PST by 4Liberty (Optimal institutions - optimal economy.)
[ Post Reply | Private Reply | To 1 | View Replies ]

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.)
[ Post Reply | Private Reply | To 1 | View Replies ]

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
[ Post Reply | Private Reply | To 1 | View Replies ]

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")
[ Post Reply | Private Reply | To 1 | View Replies ]

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
[ Post Reply | Private Reply | To 1 | View Replies ]

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!)
[ Post Reply | Private Reply | To 1 | View Replies ]

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...)
[ Post Reply | Private Reply | To 1 | View Replies ]

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)
[ Post Reply | Private Reply | To 1 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson