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Chicago is to Be The Largest US City To Declare Bankruptcy

serfserf Member Posts: 9,217 ✭✭✭✭
edited September 2019 in Politics
Sure seems that way soon! Maybe Elizabeth Warren can stomp over there and get elected and give them a bailout for those poor union workers!

serf

https://www.zerohedge.com/political/will-chicago-be-largest-us-city-declare-bankruptcy


The city of Chicago is in dire fiscal and financial straits with an almost billion dollar budget deficit, bonds rated at junk status or below, numerous extremely costly legal judgments, a shrinking tax base, and unfunded public pension liabilities to the tune of an astonishing $42 billion.

Since the days of Big Bill Thompson, Chicago has been a cesspool of graft and corruption. Can waving the magic wand of bankruptcy cure the city of almost 100 years of amoral governance?

Don't bet the farm on it.

Comments

  • spasmcreekspasmcreek Member Posts: 37,724 ✭✭✭
    edited November -1
    somebody is gonna get stuck with the tax bill to keep it going
  • BobJudyBobJudy Member Posts: 6,445 ✭✭✭✭
    edited November -1
    The part that really sucks is that the feds will bail out the pension fund. That means you and I. I don't begrudge the employees getting their pension but Chicago made the promises and should be made to honor them. Bob
  • mjrfd99mjrfd99 Member Posts: 4,556 ✭✭✭
    edited November -1
    IIRC being from a rat ruined and broke state...
    The city can not declare bankruptcy as they have the ability to pay.
    The bankruptcy Judge will order them to raise taxes to cover their incompetence and corruption.
  • spasmcreekspasmcreek Member Posts: 37,724 ✭✭✭
    edited November -1
    well i dam sure do not want my taxes here to bail out the west coast drive to turn their cities into solid waste dumps....and sanctuary centers of freeloaders.......NADA
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