No Debate Over $1.9 Billion in Debt
Rahm wants money, but does anyone think he's actually going to spend it on pension shortfalls?
- Mayor Rahm Emanuel convinced all but a handful of aldermen Wednesday to allow him to borrow $900 million with no debate and without saying how much of the money would be spent.
The 43-4 vote gives the Emanuel administration the power to issue $900 million in new bonds and to double the city’s short-term credit line to $1 billion.
The move illustrates the city’s shaky financial condition, as Emanuel continues a City Hall habit of using long-term borrowing to paper over budget shortfalls and push current costs onto future generations. The vast borrowing, which comes at a time when the city already is dealing with an outsized level of debt and a recent triple-downgrade in its bond rating, along with a major increase in police and fire pension payments looming next year.
43-to-4 for an additional $2 billion in funny money and the City Council doesn't even have the decency to ask a few questions to even pretend to want to protect taxpayers. Someone tell us again why we need 50 of these thieves rippingof future generations?
Labels: money questions
posted by SCC at 12:03 AM
48 Comments:
well folks that was it. Ive posted here before about my work as an economist in the public sector and how chicago has a foot in the grave. Today, chicago just put the second foot in the grave. Chicago WILL file for bankruptcy between 15-20 years
Hey aldermen, fuck you, signed a police officer
Word is the mayor wants to use some of that money to add a bike lane on every block in the city and have them separated from regular car lanes by flower pot medians
This must be how he is going to make first responder's pensions whole and up to date, right?
Screw the alder savages. They are puppets like the rest of this city. Face it. We are finished.
Da Mayor has many essential spending priorities besides pensions. These divergent priorities must be met. Given the very generous salary that CPD receives, they could and should have had individual IRA's and other savings set aside so that they have tidy little retirement amounts, without depending on pensions.
And Burke is worried about the horse shit downtown but not the horse shit pouring from that ass on the 5th floor!
Our city is already doomed. Corrupt greedy selfish politicians have been skimming for years and this is the result. Steal all you can while you can. The good honest hard working citizens who provide the money to pay the bills are now a minority. At some point we will become Detroit or worse.
Isn't this how we got into this mess in the first place?...SMH.
Chain the doors shut and burn City Hall with purifying fire?
Again...
"The Police are the problem in Chicago... Once we fix THEM, everything else will fall in place."
The Problem is the mayor and the 50 thieves in the Council...
Coppers didn't break this shit and stealing money from them out of political spite won't fix it.
Have Rahm and his cabinet take a trip to Wisconsin to see how that Republican Governor took that 3 Billion dollar deficit and turned it into a surplus in 3 years.
Replace the living, breathing alderpersons with Rubber Stamps. That's all alderpersons are in this shity. Think of the money that could be saved !
Wait for the snow removal bill
I don't see why we even need any of them. They've collectively just been a rubber stamp for a few decades now. Christ, the few times they do speak up it's something stupid like banning carriage rides or fois gras. Why pay their salaries and other associated costs?
Word on the street is that Rahm bet the entire pension balloon payment on Denver last week and needs the cash before the Feds find it missing
Anonymous said...
And Burke is worried about the horse shit downtown but not the horse shit pouring from that ass on the 5th floor!
2/06/2014 01:18:00 AM
Rahm Emanuel made it known he was going to dump Burke from the Finance Committee once in office. Rahm was told that the City Council would not allow it, they would vote Burke in themselves if Rahm dared to try to dump him. Burke had the votes and he also controlled the pursestrings. Then, suddenly, Burke and Emanuel became old pals.
And Daley and Burke kept their CPD bodyguard detail when Rahm said he was going to end those.
At least 4 of them aren't afraid of the little asshole....makes total sense to give him another $900 million....maybe he'll fund pensions and pay CPD, CFD and the teachers.....lol
FOP,PBPA , , time to act , get petitions for nov. Election to reduce alderman from 50 to 20 , break up city in quadrants and 5 alderman in each section.
$200,000 a piece times 30 is a big saving for tax payers.
Less work for Feds to investigate.
Pass petitions out at union meetings and at check off .
I will again bring up this comment. Rahm has not yet begun his fleecing of the City. When the pressure builds in a couple of years to finance O'bama's presidential library, who do you think is going to pay the majority of the cost for this boondoggle? I answer it for you. The taxpayers of Chicago. The police and fire pensions will be sacrificed to pay for this BS. Billions of additional debt will be floated and passed on to future generations so the mayor and worthless aldermen don't have to face cuts. The harsh reality is that City demographics and household income are declining and that the majority of the population of Chicago are tax takers rather than tax payers. We have already passed the tipping point. My house is under contract and hopefully it will close by April. I am moving to Indiana.
It's not so much there was no debate, the aldermen who wanted to question the borrowing were muzzled or ignored. Rahm doesn't want to listen to anyone who won't go along with him.
4 voted against the borrowing:
Arena, Fioretti, Waguespack and Reilly voted NO.
Waguespack is a dependable No Vote to Rahm's bullshit, he is frequently the lone wolf out there on the prairie. He has a plan to fund pensions but that cannot even get to the floor, Rahm doesn't want to hear it. It entails not giving TIF funds to any more wealthy corporations or developers. All Rahm wants is to cut the pensions and won't listen to anything else.
In addition to the 4 aldermen who voted NO, three were absent or didn't vote at all. They couldn't make up their mind or had more important things to do than their once-monthly City Council meeting.
When it comes to talking about pension reform in Springfield or in the courts this is the type of stuff that needs to be remembered. People need to start asking where is the money going and why was it necessary to spend it? What about your agreed contract to your police and fire? Aren't they important too? Aren't they an asset to Chicago? It's really sad what these Chicago politicians have done.
I thought the movie was Ali baba and the 40 thieves, Not Tiny dancer and the 50 thieves!
I hate to say this but I hope you officers are putting away a shitton of your salary/OT because by the time you retire, you'll end up getting a fraction of it at the rate that City Hall is going.
Who were the 4 who voted against?
Once again, per Illinois law, Chicago cannot file bankruptcy. I did my research on the issue, you can do the same if so inclined.
Just like Rhams old boss Obama printing and borrowing money this country doesn't have!!!
The mayor wants to bankrupt the city then pull a Detroit screwing all the city pensioners.
The pension is an obligation that the city has. Pension is a promise made to the workers of Chicago not an inconvenience to be discarded. "A promise made is a debt unpaid" (R Service)
Fucking Bullshit Union we have. No one to hear our voices. Crime is down with less officers but we can't get a legitimate raise.
We don't need that many aldermen. But no one is going to get rid of them.
Da Mayor has many essential spending priorities besides pensions. These divergent priorities must be met. Given the very generous salary that CPD receives, they could and should have had individual IRA's and other savings set aside so that they have tidy little retirement amounts, without depending on pensions.
Are you joking? Pray tell, just what exactly are the "essential" spending priorities of this incompetent lying fool that calls himself mayor? Here's a little list of his spending history to date:
50 million for Maggie Daley Park
90 million for bike lanes
25 million for DePaul stadium
1 million for Ceasefire
5% - 12% raises for his staff upon taking office
Sorry, but I don't see one "essential" or "priority" item among them. And this is just the tip of the iceberg. As for that generous salary you speak of, although you (like the mayor and his cronies) would probably have officers working for wages comparable to those of the fast food franchises, officers have a tremendous responsibility of balancing constitutional rights of the public and enforcing law, continually, every minute of their careers, sometimes under the most stressful and dangerous conditions anyone could face. Taking all this into account, that generous salary and a pension is a SMALL price to pay for putting their asses on the line every day. As for that big idea about the IRA- most officers already contribute to a deferred comp program in addition to their pensions because most will only get half salary, which is not much when you consider what the average price of food will cost by the time retirement hits. Given the fact that officers are compelled to live within the constraints of the city, a good portion of their earned salary goes back to it through stickers, fees, property taxes and sales tax. The workers are not the problem; it is the politicians and city government that need to stop the irresponsible fiscal practices they implement. If the working man walked into a bank proposing a loan for much more than he is financially worth and promised to pay it back based on what he THINKS he will make the following year, they would laugh him out of the bank. This is what you get for allowing a north shore ballerina to run city government.
It is well past time for revolution!
Not to worry citizens of the 41st Ward, our fearless Alderperson has scheduled numerous movies in the park for this summer. Then she will cater Edison Fest, with all this, how is she supposed to actually be an Alderperson. Wake up she is in it for the $$$$ she represents Rhamie and not us!!
Anonymous Luke Warm said...
It's not so much there was no debate, the aldermen who wanted to question the borrowing were muzzled or ignored. Rahm doesn't want to listen to anyone who won't go along with him.
4 voted against the borrowing:
Arena, Fioretti, Waguespack and Reilly voted NO.
Waguespack is a dependable No Vote to Rahm's bullshit, he is frequently the lone wolf out there on the prairie. He has a plan to fund pensions but that cannot even get to the floor, Rahm doesn't want to hear it. It entails not giving TIF funds to any more wealthy corporations or developers. All Rahm wants is to cut the pensions and won't listen to anything else.
In addition to the 4 aldermen who voted NO, three were absent or didn't vote at all. They couldn't make up their mind or had more important things to do than their once-monthly City Council meeting.
2/06/2014 09:40:00 AM
How did the fireman vote? And where can we find these vote totals for ourselves? btw, thanks for posting this info.
Thought Burke was a former copper lol, watched him come into meetings with his Cpd star on his belt showing wtf he controls the purse and does not speak out for the police pension! Ask all the guys running what are they going to do about the pension! Yep I said guys as women are obviously not qualified, if your a woman don't run for top posts at fop
Anonymous Anonymous said...
Once again, per Illinois law, Chicago cannot file bankruptcy. I did my research on the issue, you can do the same if so inclined.
2/06/2014 11:27:00 AM
Ohhh, I see, so it is in Illinois law? (loud laughing in the background) Well then, if it is in Illinois law so be it. No one will ever mess with Illinois law. Law written down in a book somewhere. Very well.
Say, didn't Hitler have it written down in an agreement with Neville Chamberlain that he wouldn't try to take any more countries over after the one he had just taken? The Munich Agreement I believe. It gave Hitler portions of Czechoslovakia. There was a famous news photo of Chamberlain holding a piece of paper that I suppose was a copy of the agreement.
Chamberlain crowed that he brought "peace with honour" home from Germany.
WWII followed.
So much for laws and agreements on paper made with dishonorable people.
The Daley-Emanuel death spiral continues.
Are you joking? Pray tell, just what exactly are the "essential" spending priorities of this incompetent lying fool that calls himself mayor? Here's a little list of his spending history to date:
50 million for Maggie Daley Park
90 million for bike lanes
25 million for DePaul stadium
1 million for Ceasefire
5% - 12% raises for his staff upon taking office
Sorry, but I don't see one "essential" or "priority" item among them. And this is just the tip of the iceberg. As for that generous salary you speak of, although you (like the mayor and his cronies) would probably have officers working for wages comparable to those of the fast food franchises, officers have a tremendous responsibility of balancing constitutional rights of the public and enforcing law, continually, every minute of their careers, sometimes under the most stressful and dangerous conditions anyone could face. Taking all this into account, that generous salary and a pension is a SMALL price to pay for putting their asses on the line every day. As for that big idea about the IRA- most officers already contribute to a deferred comp program in addition to their pensions because most will only get half salary, which is not much when you consider what the average price of food will cost by the time retirement hits. Given the fact that officers are compelled to live within the constraints of the city, a good portion of their earned salary goes back to it through stickers, fees, property taxes and sales tax. The workers are not the problem; it is the politicians and city government that need to stop the irresponsible fiscal practices they implement. If the working man walked into a bank proposing a loan for much more than he is financially worth and promised to pay it back based on what he THINKS he will make the following year, they would laugh him out of the bank. This is what you get for allowing a north shore ballerina to run city government.
2/06/2014 02:06:00 PM
I believe DePaul Statium cost the city at least 100 million.
Source: http://tracking.si.com/2013/05/13/depaul-300-million-basketball-arena/
Plus, Rahm wants to modernize the CTA blue line to save, if I am not mistaken, 10 minutes of ride time for almost 500 million dollars.
I thought there were 11 aldermen part of the progressive reform, whatever they call themselves. How come only four voted against? I know Arena voted no.. Not sure whom ever else...
Why not use TIF money?? It's already taxpayer's money.
Why can't we use TIF money to pay off debts or pension obligations?
It's not like the taxpayers will miss the TIF money being spent, since taxpayers have no say in how TIF money (their money) is spent. The mayor uses TIF money as his personal get-in-line whip when he wants to extort compliance from those who dub themselves aldermen/representatives of the people. The mayor is giving TIF money to Depaul to build a stadium: he's seizing south side properties that pay taxes to give to a non-profit that pays no taxes. Makes sense huh?
Our alderman are more akin to those who served in the congress of Iraq under Saddam Hussein.
Too bad Daley didn't bid for the Winter Olympics.
Once again, per Illinois law, Chicago cannot file bankruptcy. I did my research on the issue, you can do the same if so inclined.
2/06/2014 11:27:00 AM
Bankruptcy is federal jurisdiction. All it would take is to pass legislation for Illinois to allow its municipalities to file Chapter 9. That is easy enough.
Everyone claimed the State constitution protected the pensions, but they still passed a bill to diminish state pensions. Politicians can manage to do whatever they want if they get enough votes to enact a law.
"Are you joking? Pray tell, just what exactly are the "essential" spending priorities of this incompetent lying fool that calls himself mayor? Here's a little list of his spending history to date:
50 million for Maggie Daley Park
90 million for bike lanes
25 million for DePaul stadium
1 million for Ceasefire
5% - 12% raises for his staff upon taking office"
Lighten up, Francis. The poster was joking.
Anonymous said...
At least 4 of them aren't afraid of the little asshole....makes total sense to give him another $900 million....maybe he'll fund pensions and pay CPD, CFD and the teachers.....lol
2/06/2014 08:49:00 AM
Bullshit. They got permission to vote against it.
You still don't know how Tammany Hall-(I mean City Hall) works,do you?
Bankruptcy is federal jurisdiction. All it would take is to pass legislation for Illinois to allow its municipalities to file Chapter 9. That is easy enough.
Everyone claimed the State constitution protected the pensions, but they still passed a bill to diminish state pensions. Politicians can manage to do whatever they want if they get enough votes to enact a law.
2/06/2014 11:40:00 PM
I give up. Dumb is as dumb does.
Apparently this guy was at the top of of the class in the Academy of the "what if?" contingency we all had to deal with. .
Anonymous said...
"Da Mayor has many essential spending priorities besides pensions. These divergent priorities must be met. Given the very generous salary that CPD receives, they could and should have had individual IRA's and other savings set aside so that they have tidy little retirement amounts, without depending on pensions."
You've missed the point, dickhead. If you are guaranteed a benefit, like a pension, as a condition of employment, why would it be alright for the City to "change their mind", after you work for 20-35+ years on the street??? In your feeble mind, the City has other things to pay for, like the aforementioned nonsense (non-usable bike lanes, Maggie Park, DePaul's new stadium, etc.)so pay for them before their contractual obligations? Fuck you very much. As for having other savings on the side, I'm sure officers try to do what they can, with what little is left from their paycheck. You have to remember, if you even knew in the first place, that pension money comes directly from officers paychecks, and is supposed to be saved by the City in a pension fund to pay for (guess what?)- pensions! Not the City's other pet projects. And my last point (maybe you will at least understand this), without the guarantee of the pension after all of those years of dedicated service, who do you think would take this thankless job? We know you didn't, even WITH the promise of a pension. So tell us, who would keep the streets safe, for everyone else? The point is this, nobody would take this job without the pension attached to it. So it isn't fair nor reasonable for dummies like you to comment from the sidelines, implying that it's somehow the officers' fault, if they don't get a pension because of malfeasance on the City's part.
Why you ask? Don't be silly, it's FOR THE CHILDREN!
So... They just rolled over, spread their cheeks and took a black eye from Rahm?
These pricks have no standing to ever look at a Copper cross-eyed...
C.P.S. closed 50 schools but there budget remains the same ? C.P.S. build 7 temporary mobile class units at a cost of 3 million dollars each, there are , 4 class room in a mobile unit , that 750,000 per class room. Total 28 class rooms 28 million dollars ?? The city spent 6 thousand dollars a foot for a seven mile jogging path, the city will spend 25 thousand a foot for another half mile of river walk . Time to start using TIF money to cover pensions short falls
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