Sinkhole City
Rahm takes another beating from some financial types - an arena where he supposedly "made" millions:
- As Christmas looms around the corner, it seems as though the only gifts finding their way to the Land of Lincoln have been a wave of unflattering fiscal report cards.
The latest comes from the watchdog group Truth in Accounting, or TIA, and details Chicago’s distressed fiscal condition. To illustrate the severity of the city’s fiscal problems, the organization awarded Chicago an F grade.
“Despite an array of tax increases to help shore up the city’s underfunded pension plans,” the study declares, mounting pension and benefit debt has committed the city to a perpetual cycle of worsening fiscal instability.
TIA’s analysis, which was produced using data sourced from the Chicago’s 2016 Comprehensive Annual Financial Report and actuarial reports from the city’s pension funds decorates Chicago with the status of a “sinkhole city” – a city whose deficits outpace its available assets – noting that every taxpaying Chicagoan is on the hook for $41,700 in city debt.
The whole article is about two pages, and the links extensively outline the "sinkhole" aspect looming just out of sight.
Labels: money questions
posted by SCC at 12:02 AM
36 Comments:
So after one and a half terms in office rahm hasn’t accomplished much other than bike lanes. Hey rahm! Stop the handouts to the community already. Have the teachers kick in their fare share...you know, put some skin in the game. Make new union city drivers do something other than drive. Start living within your means mayor.
And after all this, the rich leftist Rahm will get reelected.
I’m not buying it for a second. The politicians in this city always have plenty of money for shit when it suits them.
do not count on that pension people.
Where is the group that is on here that saying everything is fine!!!
Wait, and a pattern will soon emerge of people leaving again in 2018. Everyone doesn't work for the city! The only way to stop this if you enjoy living here is to vote a new group in. The alternative is to move elsewhere.
I'm gone come 2025. I just hope it can hold on a little longer.
Yet people still want to be the police.
More like a stinkhole.
Not defending local fiscal practices, but.........Nothing we haven’t heard before from TIA. TIA is another AstroTurf anti-pension group set up to bullshit the public with grave sounding reports. TIA’s goal is to blame the entire Chicago mess on public pensions and take the heat off of pols, contractors, the Outfit, and the free stuff crowd that have picked this city bone dry.
Holy crap!!! Every tax paying citizen is on the hook for $41,700???
All 200,000 of us???
Hmmmmmm.....Imagine that.!!!!!!!!!!!
Free up the TIF funds.
Yet the TIF Accounts are brimming with $$$$
End the TIF's and put all that $$$$ back into the General Fund = the bills will be paid.
We keep hearing how broke the city is and how underfunded our pension funds are by these groups and I get it. The problem is the politicians don’t want to put the money necessary into these funds because then they have less to give away to their political supporters and their causes. If you look around Chicago you see nothing but growth. There are new buildings going up on every other block downtown. Big businesses (McDonalds) are moving into Chicago. Universities are receiving hundreds of millions in private money through endowments. Ohare airport is operating three runways simultaneously with constant air traffic. This all adds up to hundreds of millions of dollars coming into the city county and state. Therefore the only logical explanation of why we are broke is because those that are in control mismanage the funds, are inept or they simply turn a blind eye to the real financial needs of the city and instead choose to spend the taxpayers money on their personal agenda kicking the can down the road on all of the bills the city state and county are racking up. I personally choose all of the above. It’s really sad to read day after day what bad fiscal shape the city is in and then hear about programs where the city gives millions away for causes such as health care schooling and housing for illegal immigrants. I’m all for helping people but we have to help ourselves first. Hell the illegal immigrants are going to have better health care then retired 1st responders. This city is literally upside down.
This even after Rham got rid of retiree health care---😳🥊 I hope Rham can eliminate some other goodies as he sits by the fire place in his house out in the northern suburbs
A city in a sinkhole is much more appropriate than saying a "shithole."
Hey, the city, to save funds, could just not start paying pensions until age 60.
No shit, please tell us something we don't know............
"Rahm takes another beating from some financial types -
an arena where he supposedly "made" millions"
It's simple SCC...
After Rahm was chased out of the White House by the
"High Hens," (Michelle Obama, Michelle's Momma, Valerie Jarrett)
he convened his poll-takers, political war-gamers,
focus groupers, spin-meisters and his cadre of young,
fanatical propeller-heads, he was able to engineer a
soft landing for his fall from D.C. grace.
Lean on Shortshanks to give up Chicago or multiple
federal investigations into mayoral malfeasance
that were previously bricked will be allowed to
rapidly accelerate with far reaching consequences
for the Daley Clan and the political and corporate
heavy hitters of Chicago.
Rahm would then parachute into Chicago, pick a fight
with The Police (because nearly half of the municipal
budget was devoted to Police/Public Safety) and cast
The Police as greedy and wholly corrupt, turn it into
a "war against the Cops and the too powerful FOP" to
wring punitive contractual concessions if not find
legal cover to bust the union and bust the pension,
reduce CPD staffing by thousands and put on a charade
that a "leaner" 5k to 7k forcibly rebooted and repurposed
CPD though no longer focused on crime suppression is
still a public safety entity.
Two terms... Rahm wins accolades and hosannas for "saving"
Chicago... Rahm is hailed as a "tuff-guy" financial guru
who took on those legendarily wild-assed and out of control
Cops in Chicago and saved the tax payers Billions of dollars...
Rahm then flies back to D.C.
and gets plugged in as POTUS.
Well... That WAS the plan.
So what? Just because you Cops were able
to hold on and fight longer than anticipated
means nothing.
It all started with, "We're gonna stick it in the Cops ear."
Rahm is pissed now.
You guys fucked up his plans
and he might be forced to stay
another term so he can fully burnish
and emblazon his legacy.
Heh...
May Rahm wake up one day and roll over to discover
the skeletal remains of his legacy clad in a wedding
dress and grinning at him.
rahm is just a suitcase away from leaving this world class city of chicago-without leaving that wedding dress behind!
Pension = Health care
Anybody who thinks they are going to get their full pension as promised is delusional.
You can thank Speaker Madigan for this by continuing to vote Democrat.
Pot holes, crime and murder rahmie's legacy.
How much would the debt be if that forty thousand dollars were divided between everyone that lives there and not just the taxpayers?
J.J.
Hey SCC ...woefully under radar ... Suburb Bakery supplying chains like McDonalds,
nabbed for having 800 illegals on the payroll... ICE did the raid
So after one and a half terms in office rahm hasn’t accomplished much other than bike lanes. Hey rahm! Stop the handouts to the community already. Have the teachers kick in their fare share...you know, put some skin in the game. Make new union city drivers do something other than drive. Start living within your means mayor.
11/29/2017 12:19:00 AM
Sorry can't do that. It is almost election time.
Anonymous said...
So after one and a half terms in office rahm hasn’t accomplished much other than bike lanes. Hey rahm! Stop the handouts to the community already. Have the teachers kick in their fare share...you know, put some skin in the game. Make new union city drivers do something other than drive. Start living within your means mayor.
11/29/2017 12:19:00 AM
The teachers' fair share was negotiated in a contract. Kick yourself for having an Elks Club with guns, not a union.
The Daley-Emanuel death spiral continues.
And yet we need a high speed train from Daley Center to O'Hare. He must be printing money.
So after one and a half terms in office rahm hasn’t accomplished much other than bike lanes. Hey rahm! Stop the handouts to the community already. Have the teachers kick in their fare share...you know, put some skin in the game. Make new union city drivers do something other than drive. Start living within your means mayor.
11/29/2017 12:19:00 AM
The teachers' fair share was negotiated in a contract. Kick yourself for having an Elks Club with guns, not a union.
Soon enough they’ll all Charte schools and you will all be working for less pay with no pension. But hey whaat we know. Keep voting inthat communist teachers union until they destroy you.
Used to work for a company in LA. On Friday after paychecks passed out ICE bus would pull and haul 50% or more of undocumented work force to border and deport them. On Monday they would be back work the week then back on the bus. Had a lot of respect for them, they worked hard and helped out at home. To bad we can't get a certain city demographic understand the value of hard work. They would rather sit on lazy asses and be handed things we all have to pay for. Generation after generation have been getting away with this. When will we say that's enough, you either become a productive citizen or you are going to be homeless and starve. Tired of these gimme living off the labors of honest hard working citizens.
O.K., O.K., so it's Garrison KEILLOR, excuse ME!
But ya gotta admit somethin': that sloppy, folksy
KEILLOR was Steve Bannon before Steve Bannon was
Steve Bannon. The Prairie Fairy Home Pervert since
1974. You fooled a lot of 'Boomers, you fucking asshole
Keillor. BTW, the asshole is still on tour, unless he's
fooled us all and banked it.
A question for rhamicide and all the other sanctuary city jagaloons is why even bother having a border patrol at all ???
Why isn't the mayor and aldermutts charged with malfeasance? They should be sitting with Bernie Madoff. ♠️
Opened my Comcast bill today. $24.59 in local taxes. Unfrickenbelievable. Can’t wait to leave.
The teachers' fair share was negotiated in a contract. Kick yourself for having an Elks Club with guns, not a union.
11/29/2017 03:13:00 PM
what the teachers have that the cops and firefighters don't have is a lot of money to bribe the legislators and the power to strike. When the teachers want more money, the cry is always " but, it is for the kids". No one ways that for the cops.
The city will be fine for many years to come and so will the pensions. However, there are calls for a constitutional convention in 2019 and if that issue is put on the ballot in 2018 and is successful, things will then change. If the question does not make the ballot then it will in 2028. Then not only will public pensions be cut but you probably will see a graduated income tax come into play. I don't see the taxpayers of Illinois standing on the side of public sector employees when it comes to pensions.
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