We Really Hate to Do This....
....but we love spending money so much, so we're going to have to borrow another $1.1 billion of it:
- Amid comparisons to “shuffling the deck chairs” on the Titanic, the City Council’s Finance Committee agreed Monday to add another $1.1 billion to the mountain of debt piled on Chicago taxpayers after aldermen were warned the city’s junk bond rating demanded it.
When its bond rating dropped below investment grade, Chicago could have faced paying nearly $2.2 billion to bankers under a series of complex deals dating back to former Mayor Richard M. Daley’s tenure.
Never the words "spending cuts." Just things like "junk bonds," "shovel-and-toss," and our new favorite - "legacy costs," a polite way of saying Shortshanks left us with a giant smoking crater of a hole in the ground that can only be filled by money....money no one seems to have.
Labels: money questions