How Democrats Pillaged Chicago Toward Bankruptcy

Chicago’s financial situation is the worst of any large municipality in the nation. Moody’s recently downgraded the credit rating of the city’s municipal bonds to junk status, a sure sign to investors that the city can’t be relied upon to meet its financial obligations.  The city’s response to this downgrade was to pass, just a month later, another $1.1 billion borrowing program.  Chicago has the most serious case of financial denial of any large city.  Mayor Emanuel fiddles while Chicago burns. Chicago did not find itself in this situation by chance, or by the 2008 meltdown, or through mismanagement.  Its debt was politically created with a reckless disregard to the future financial stability of the city.  Here’s a few current facts: Its debts are divided into two categories: unfunded pension debt and muni bond debt. The pension debt is a legacy debt of its gigantic patronage system, a politically based system of...(Read Full Article)