Posted on 02/01/2015 4:16:33 AM PST by Libloather
Mayor Rahm Emanuel on Friday defended the way he has dealt with the city's looming financial crisis against attacks from his challengers, touting his record of crafting the city's budget during his first term but refusing to rule out a property tax increase to deal with huge upcoming government worker pension payments.
The back-and-forth took place at the Chicago Sun-Times editorial board endorsement session, the second time all five mayoral candidates appeared face to face.
City Hall has a looming $550 million payment to make to shore up police and fire department pensions, and 2nd Ward Ald. Bob Fioretti called on Emanuel to say whether he would take a property tax hike off the table to balance the city's budget. "Tell us, the people, now, are you going to raise property taxes for next year?" Fioretti asked.
(Excerpt) Read more at chicagotribune.com ...
A LOT of pension and payoffs to maintain for the
DNC-RICO machine.
I thought they would just install more red light cameras and shorten the yellow light times or have fire trucks continuously drive with their lights flashing when the intersections were full.../s
Illinois can’t help them. Illinois is 100 billion in the hole. Yes, that’s with a “B”
CC
Naw the mexican drug dealers will buy off the mayor/police/Democrats...no problem.
Emanuel; he is certainly no savior.
Thankfully Trenton NJ ran out of money a few years back to maintian the socialist charade in our cities; our property tax increases are capped, so some stark truths became clear: Newark NJ cannot afford police protection - so they laid off 160+ cops in the midst of a record-setting period of homocides. Maybe now the gibsmedats will take some ownership for their state of affairs...
You can ignore the laws you don’t like in Obama Land. He has set the example for the nation.
That’s pretty conservative, Celtic.
Last year it was $115B with about 30% of funds on hand. This year it is projected to go to $130B.
They were also projecting an 8% growth rate in their existing funds. LOL! If I could guarantee that kind of growth, I would be a billionaire hedge fund manager.
-ex life long Chicagoan
The number given to me is a couple of years old, and i’ve not heard of more recent estimates. Thanks for the updated info. Whether it’s 100 or 115 people don’t believe me it’s that much. I live in Michigan and we have an amendment mandating a balanced budget. Michigan has some real problems, but massive deficit spending isn’t one of them.
CC
I have a radical idea. How about they pay the money from their own paycheck! When I (if) retire, my pension will be whatever I have saved, so taxing me to pay for some leeches to live comfortably rubs me the wrong way. If I had taken a govt job, I’d already be retired instead of trying to recover from 2007-2008 losing my savings while putting kids through college.
City Hall has a looming $550 million payment to make to shore up police and fire department pensions, and 2nd Ward Ald. Bob Fioretti called on Emanuel to say whether he would take a property tax hike off the table to balance the city's budget. "Tell us, the people, now, are you going to raise property taxes for next year?" Fioretti asked.
Actually, no. The city will simply declare the property in arrears and seize it, selling for what they can get and then go after the property owner in court for any amount of tax delinquency not satisfied by the tax sale. Thus the leach class continues to eat the producing classes lunch.
The process is in an advanced stage in Detroit.
http://www.freep.com/story/news/local/michigan/2015/01/29/tax-foreclosures-wayne-county/22518185/
They’re all in on it; politicians & public service union members pillage taxes raised from the “makers”, while the takers enjoy benefits for which they contribute nothing. there is no hope for areas on their third and fourth generations of residents that contribute nothing.
Of course, if they raise the tax rates but the valuations decline...
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