Posted on 03/02/2015 4:01:35 PM PST by raptor22
ities: The problem with socialism, Margaret Thatcher once noted, is you eventually run out of other people's money. In progressive Chicago, that's hit home as Moody's has cut its credit rating to two grades above "junk."
Chicago's finances are staggering under the weight of an unfunded pension liability that Moody's Investors Service has estimated at $32 billion, eight times the city's operating revenue.
Chicago has a $300 million structural deficit. And Illinois law requires the city to up its 2016 contributions to its police and fire pension funds by $550 million.
"This is an unfortunate wake-up call for anyone still asleep over the fiscal cliff facing the city of Chicago," said Laurence Msall, president of the Chicago-based government finance watchdog, the Civic Federation.
The steady financial decline of the nation's third-largest city prompted us recently to say that Chicago was well on its way to becoming the next Detroit.
(Excerpt) Read more at news.investors.com ...
Lake County Indiana is another liberal controlled wasteland.
I read a few years ago that the Brown Line El renovations cost about $45 million a mile.
I took that to mean that most of those union construction workers could have been replaced by attorneys billing their usual hourly rate, and the job still would have been cheaper.
Read the Constitution. Spending bills must originate in the House.
Obama cannot order sh##. He can game the system somewhat, but Congress needs to authorize a bailout. ‘Aint gonna happen!
And now the Great Pretender is turning the nation into Chicago.
Check Rham’s Swiss bank accounts for the balance.
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