Doomsday - 29 August
- Mayor Lori Lightfoot is poised to lower the boom on beleaguered Chicago taxpayers on Aug. 29 — by disclosing a shortfall that tops $1 billion — during a prime-time speech that she hopes will be carried live by some media outlets.
Before an audience likely to include civic leaders and community groups, the mayor will deliver a state-of-the-city address that finally comes clean about the size of the shortfall she inherited from Rahm Emanuel and what she intends to do about it.
So far, the new mayor has only described the deficit as “north of” the $740 million acknowledged by Emanuel’s chief financial officer and said there is “no question” she’ll be forced to raise taxes.
She has refused to say more until she had potential solutions to present on the revenue and spending sides. That’s why she put off the preliminary budget for a month.
Now, she’s prepared to deliver the bad news and hope the voters who gave her a 74% mandate are prepared to hear it.
74% mandate? Fran Spielman, have you been in the wine boxes again?? 74% of the one of the lowest turnouts in history - something around one-third of the eligible voters showed up - meaning if she's lucky, 24% of voters even cared enough to vote for her.
How about, instead of raising taxes, suspend the TIF Districts for a few years and direct everything to the general fund to pay off existing debt, retire some high interest bonds, and pay off obligations until the casino is up and running.
Oh, speaking of casinos, get a load of this Tribune article pointing out the pros and cons of each of Groots five proposed locations for a gambling venue. If any of these disasters go forward, Groot is going to squander the single biggest opportunity to right the ship.
How about, instead of raising taxes, suspend the TIF Districts for a few years and direct everything to the general fund to pay off existing debt, retire some high interest bonds, and pay off obligations until the casino is up and running.
Oh, speaking of casinos, get a load of this Tribune article pointing out the pros and cons of each of Groots five proposed locations for a gambling venue. If any of these disasters go forward, Groot is going to squander the single biggest opportunity to right the ship.
Labels: city politics, money questions
83 Comments:
Put the Casino on Navy Pier or River North! Suspend TIF Districts!
How much will your house be worth on September 1?
looks like a problem of great gravity up there in the People Socialist Republic of Chicago. build a wall around it to keep tax payers inside Larry. I have great confidence that he will do whats right
Impose a city income tax already. Just like NYC. The rich lakeshore leftists who put her in power just love paying taxes.
The Daley-Emanuel-Lightweight death spiral continues.
Hello Deeeetroit!!!
$1 billion dollars and Rahm Emanuel's house is still being guarded by CPD. Where is Lori gonna cut spending?
Whatever the amount the city gets from this massive tax will be squandered by machine politicians just like the Daley crew squandered hundreds of millions.
Later on in that article, it gives possible options, including this one:
“...• She can increase property taxes in a way that targets wealthier, white communities, even though she promised to steer clear of the third-rail of Chicago politics until the broken assessment system is fixed. ...”
If you’re staying in this city/county/state one minute longer than you have to, then you should have your head examined. I cannot wait until I can retire and move out of state.
Fuck you, pay me.
Yup, a billion dollar deficit and hey, let's put the casino in the hood and wonder why Joey and Abby from Des Moines or Chad and Tina from Pittsburgh won't go there a second time. Then the casino bleeds red and doesn't save shit for anyone. MArxists, ya just can't trust them to do anything smart.
I am so Glad that the politicians in Chicago and Illinois have been so supportive of President Donald Trump. He can be very helpful with their budget shortfalls, and I am sure he will be happy to help them out. Just be glad the politicians in Chicago and Cook County never did anything petty and vindictive like take down Trump street signs or say insulting and demeaning things about the man that controls trillions of dollars. Federal Dollars that could really help Chicago.
Aren't you glad too?
These are the best and brightest politicians the Democrat Party has to offer. They have managed over eighty years to run one of the greatest cities in the world into debt and death.
It isn't like we haven't seen this coming for the last twenty years!
Kids, your mother and I worked night and day to pave
the road for you. Grease the skids as my generation
would say. The best schools, college, help with down
payments on your homes when you got married.
Now, I'm glad I'm old and don't have too many years
left. They raise my insurance premiums for Medicare
and these new doctors, well, I seen better veterinarians.
This Lightfoot fool, she'll ruin this city. Save every dime
'cause bad times are a-coming.
I am sure there are a lot of valuable assets that the city can use to finance the shortfall.
Have you thought of doing something with parking rights?
How about selling off the athletic stadiums that Chicago financed, but Chicago doesn't own?
These Democrat Politicians have already sold their own souls to the satan.
I wonder if they can get a billion or two for yours?
The week after Aug 29 will be the busiest week for real estate brokers and moving companies.
Ok please tell here to speak up because I'm tired of trying to read her lips. All those funny-looking pic of her are really coming to life
I can guarantee two things with the new casino! #1 is that it will go where the most politically connected greedy bastards own or control the majority of the land, support services and development of a casino! #2, like all things in the city, county & state it will be plagued with leeches, bottom-dwellers & scum rendering any possible revenue stream from being anything but a benefit to the TAXPAYERS!!!!!!!!!!!!!!!!!!!
An added benefit to the TAXPAYERS is #3, which raises the possibility of the karma bus getting loaded up with the GREEDY DIRTY BASTARD POLITICIANS AND THEIR ILK & finally headed toward CLUB-FED thereby altering the democRATic political devastation of the past 50+ years.
Guess a $500 city sticker is coming?
and just who's pockets do you think she will pic to get the money ?
She never worked at the corner drugstore, local ice
cream parlor, convenience store, or grocery store
check out line. She has no basis business knowledge
about profit and loss, how to treat people well. This
woman is book smart and street stupid.
Reminds me of the recent NYC power outage.
Since computers were down, (most) employees
had NO idea how to take restaurant customer
orders, present them to the chef, and tally up
the bill. Fortunately some OLDER workers
who learned the biz B.C. (before computers)
stepped up to the plate and kept the operation
running.
If you've never done this in the past, God help
you if you're trying to learn on the job. Especially
when big money is involved.
Raising taxes was a given, of course. However, if she doesn't do a substantial haircut to the spending side, watch out. The exodus will really kick into high gear. Of course the "gibs me dat" crowd and their mouthpieces will howl and shriek. But, the day of reckoning is here. Hopefully, this idiot realizes how serious this has become. Doubt it.
can a movie based on this administration be made?
i love disaster flicks.
Every single Chicagoan needs to know that Chicago's finances are not broken. It is the policies that are broken. Please visit www.wearenotbroke.org
Also the author Tom Tresser wrote a book called We Are Not Broke. Two main reasons are: the tax increment finance district funds and a tax system that puts the main burden on workers earned income while shifting away from investment income.
The city does not need a new international terminal, new street lights, x mayors don't need bodyguards, teachers need to pay more towards their pensions and above all take away tif money. It may be time to cut some of the sanctuary city bullshit.
Here is an idea......start cutting unnecessary programs until the debt gets paid off.
How about, instead of raising taxes, suspend the TIF Districts for a few years and direct everything to the general fund to pay off existing debt, retire some high interest bonds, and pay off obligations until the casino is up and running.
Alas, some sound financial advice that unfortunately will be catagorized as unsubstantiated rumors in her office...
And of course, cutting expenses is off the table. How much did the city out into the illegal aliens defense fund?
I don't understand why this alleged mayor would want a casino, based in somewhat scary hoods filled with people who aren't exactly wealthy and tempting them with a place to spend what little money they have (won't get into where the money comes from in the first place) at a casino where the house always wins. And then she complains how these hoods aren't good or safe or profitable. Where is the logic in all this?
if this is played like a shorted escrow account. the catch up amount has to be double. these fuckers had to know the deficit was growing by leaps and bounds. kicking the can down the road toward the next balloon payment is a socialist democrat specialty.
get out if you can.
The only ones who are getting the boom lowered on them are the suckers who get up every morning, brush their teeth, jump in the car, and go to this strange phenomenon called a job. The loafers who don't work will continue to scam and gouge the system because they can and none of that money will be touched. Groot wants 9.5 to fall on the sword for all of it and blame the inevitable tax raise on his failure. Groot has no answers but as usual blames everything on someone else and runs and hides.
Is this going to be like the fat ass governor, who started out saying that we are going to tax and cut service and not pay our bills until the tax dollars come in, etc... than some people in his administration tugged his coat and informed him that, due to the Trump economy, he doesn’t have to do that so much?
More libtard proposals for an out of control city. SecondCity and HeyJackass! should team up and provide an analysis of crime in these proposed areas and let the papers print that one to their million+ readership. Whoever thought that booze and gambling in an already impoverished neighborhood could somehow bring about positive social change is worse off mentally than the people it’s supposed to help.
Conspicuous by its absence is any mention of spending cuts.
Around the bowl and down the hole, Shit Con Go!
Shoulda voted Vallas he had an actual plan!!
McCormick Place east. The only logical solution.
Anonymous Anonymous said...
Guess a $500 city sticker is coming?
8/10/2019 05:28:00 AM
somebody has to make up the difference.
being a scofflaw is a right given to the poverty people.
liberal suckholes will never learn.
This will negate any raise from a new contract.
Hey Graham Cracker, it’s time for arbitration, you should have been able
to secure your post FOLP spot by now.
Between Lighthead and the Gut we’ll be lucky to live on cat food.
The Clown SJW mayor, with no business experience, became the accidental mayor in april...other blacks candidates dropped out of the Mayor primary election race to clear way for 2 blacks on Mayoral ballot.the clown and prickwinkle…….Preckwinkle
with her experience, was supposed to be next mayor..Except Prick's soda tax was a
cement tire on her neck ...costing her mayor's race
Worse The clown mayor missed getting any help from springfield,she asked for help
after legislative session had ended .. scum times Franny ...wake up
I guess we got another reckoning coming......but she waited til she hired a bunch of big $$$ staff of her own.
Better have some some big layoffs in all the city departments. A lot are overstaffed......10% - 15% reduction.....
Stop Lincoln Yards......no TIF money for them.....PAY THE PENSIONS!
And maybe a "Come to Jesus" moment for the CTU.....let them pay their own share......back up to 9% - 12 % new hires.....
They are the biggest drain, and put out kids who can't read, write, spell, do math, or speak correctly. Makes it really hard
for those kids to find any kind of decent paying jobs.
(Maybe in between her "travels" she can go to ANY 5th grade class and ask the kids a few simple math or reading questions-
She what she gets! )
I now wish McCarthy would have won
Lucky Lefty needs to swallow her pride and get Vallas on her team ASAP. Otherwise Chicago will go the way of Detroit, Baltimore, Gary....
Chicago doesn't have a revenue problem. It has a spending problem. The politicians Chicago keeps electing see it as a slush fund. Tax and spend is all they know how to do. They cant spend less money. They only know hw to spend more.The sooner Chicago realizes this, the sooner relief will come. Otherwise, here comes Detroit 2.0! I have very little confidence that the current mayor can punch her way out of this mess. This is going to take a mayor that doesn't build anything for a while. Doesn't give money away for a while, and actually tries to pay down debt and liabilities...(crickets....)
I know...
Said it before, the counting on a casino to fix what's wrong with Chicago is like counting on aspirin to fix gangrene. Oh sure, the money swiped from customers' pockets is all conveniently gathered in one place (the casino) for a total to be added up and bragged about. But unseen and ignored is the social deterioration, squalor diminished quality of life that results and that will require more money to repair. A casino doesn't make money, it only redistributes it.
Counting on a casino to rescue Chicago is only one more example of leadership being on the wrong track. Anywhere else a good city manager would remove politics from the equation and be able to recommend and make the hard decisions that Chicago needs. Unfortunately, Chicago's totally corrupt city government makes this impossible.
The letter (previous post) to commissioners and department heads was meant to be leaked to let the taxpayers know Larry LightLoafer means bidness.
Cook County boasted big rewards on a few older TIFF expirations, but still not enough to stave off tax increases though.
The City needs to eliminate all these redundant agencies, bureaus, committees, commissions they’ve been putting together every time they deem there’s a community crisis. I don’t think LightLoafer is capable of understanding what Don’t Spend What You Ain’t Got means.
If the proposed casino deal didn’t include the City as sole proprietorship and was instead fully privately owned/operated, yes it would be a gold mine. But GrootFoot wants it built in the underserved area...shows where her oak pulp head is.
She is about a s financially savvy as Wall St.Rahm, no MBA’s but both are loose with other people’s money, as well as both being documented civil agitators and social disrupters.
Your ZipCode will determine your contribution to the Sanctuary Fund.
Maybe this will be challenged like is was when the insurance companies were sued for “red lining” areas.
The good: Trib still has "American name" journalists
The bad: All proposed Chicago sites are in below
average income areas
The ugly: It all seems like a no win situation. The golf
course by the old steel mill on a landfill (slag dump?)
truly seems hopeless. Golf is seasonal and trending
down nationally. You want to level this (along with
the mill in the background?) and put in another
venture with no future? Makes no sense.
Also, Illinois is "top heavy" with casinos. They are
all concentrated in the upper part of the state. So
you want to put one more in Cook County within
that upper part. It should be noted that America is
already "over-Malled" and "over-Brick & Mortared"
with retail locations. A casino is just one more
physical plant to maintain and pray the clientele
shows up to patronize you. In this business and
socioeconomic graphic, the "build it and they will
come" cliche does NOT apply!
Forensic audit
Isn't about time to collect the money owed to the city the suburbs aren't paying for water?
Groot is out way over her skis.
She’s gonna crash and burn.
By sheer coincidence, I am closing the purchase of my next house in the beautiful and scenic Driftless Area in northeastern Iowa on August 30.
I will be renting it to the current owners over the winter, and I will finally be escaping this doomed state in early April of next year.
If our porcine governor makes too many more stupid moves, I may go somewhere where liberty is still valued and rent an apartment.
You have to wonder who is actually coming up with this budget since you know she has no clue about finances. Her budget director sits at a table with her and notices her looking around out the windows and nodding her head. Thats what you do when you are in a meeting and have no idea whats going on.
I told you 9 months ago there was going to be a 30% property tax hike and you laughed. This was decided last year and put off until after the last election. But that won't be all more fee increases and a few other taxes being raises water, garbage and parking along with a driving downtown fee once all the rest of cameras in place. All this will be sold as the problems that Rahm left. Pay attention to who votes for the raises and use your vote against anyone who votes yes to any increase. Start a grass roots campaign after her announcement. Call and Fox the Aldermen , let them know in no uncertain terms that you will vote against them next election. Demand that the budget be cut the 750million rather then and fee or tax increases. TIF goes to budget short fall. Aldermen slush fund money goes to budget no more pet projects. Cut number of Aldermen in half. Those two moves will save 70 million a year. You can cut your way out of the hole rather than tax your way out.
Cooking the books and kicking the can down the the road. Let’s add arrogant disobedience to the president and federal immigration laws. What could go wrong? The financial chickens have come home to roost. City workers and homeowners beware of the coming prostate exam.
This might be the beginning of the end of the Democratic strangle hold on the city. But that depends on you and others like you. Get organized find some executable non Democratic candidates and support them with time and money. Her new plans will breed a lot of discontent that an Independent or Republican could take advantage of. This might be your last chance for salvation. Start with next years Aldermanic elections and start the swamp draining. Let your incumbent know that ANY vote to raise fees or taxes will insure you will vote against him. Period no more I like my guy, the other ones are the bad ones. Tell them, Vote against any and all new revenue raises or you become one of the bad ones, not worthy of my vote. You do have a voice start screaming. It seems that Chicago politicians only pay attention to those screaming the loudest.
12:21:00 AM (September 1; how much will
your house be worth)
Dates to consider:
August 1: (Thursday) Trump announces additional
10% tariff on $300B worth of Chinese goods effective
9-1-2019
September 1: Additional 10% Chinese tariffs kick in
October 1: 70th Anniversary of People's Republic of China
(president Xi Jinping "must look good")
January 1, 2020: International New Year
January 24th to 30th, 2020: Chinese New Year
****
Expect a lot of stock market volatility (swings) during this
time (yo-yo movements). America has figured out that
they pay the tariffs; will avoid Chinese goods like the
plague. Chinese are proud people. Will not back down
easily. However, on October 1, president Xi must seem
in control of Chinese economy. So expect a short squeeze
between 9-1 and 10-1. Also (Fortune, 8-6-19: "China's
Real Economic Problem. (Hint: It has nothing to do with
the trade war)." Study period: Nov. 2001 to 7-3-2019
S&P 500: UP 99.733%; Shanghai Composite: UP 50.75%
America has 96.518% HIGHER growth vs. China
The time frame: George Bush (43): 8 yrs; Obama: 8 yrs;
Trump: 2.5 yrs
In short: the Chinese economy is already on the mat; they
can't afford any more trade loss. The stock market (and
home prices) will see big swings until things are resolved.
The next budget will come in at about 9 billion dollars. Talking about a 750M-1B shortfall. A simple across the board 10% cut in each departments 2020 budget will cover the shortage. No new taxes no fee raises. Just mandate that each and every city budgeted department come with a plan to cut out 10% of their costs. The first 15% in any organization or program is fat. Easy to cut the fat. Might be some unneeded head counts or unnecessary spending. That 10% will amount to about 900 million, the Casino and weed revenues could make up the rest. See how easy that was. But I am a conservative Republican so that king of thinking is easy. I live within my budget and managed to save 1 M for my retirement. Oh yea I worked for 45 years to accomplish that, I know that work is a foreign word to many of those living in the city. Left the city years ago so saving money was a lot easier.
How are democrats any different then the mob?
"fuck you, pay me"
i guess more of my neighbors will be leaving the city soon.............
cut 40 aldermen ASAP!!!
show the taxpayers you are serious, otherwise you are just another short winded joke.
Close another 50 + schools !!!
Anonymous Anonymous said...
$1 billion dollars and Rahm Emanuel's house is still being guarded by CPD. Where is Lori gonna cut spending?
Whatever the amount the city gets from this massive tax will be squandered by machine politicians just like the Daley crew squandered hundreds of millions.
8/10/2019 12:26:00 AM
——-
Throw back from the book “1984”.... we the people have to protect our democratic OVERSEERs. Big brother can not bothered by his minions, spare no dollar
She couldn't get those jobs because she was to short to see over the counters.
The party of tax and spend strikes yet again. Your in a really bad position since the city and state are in complete control of Demorats. The price of poker and everything else is about to go up big time. Invest what little you have left on truck rental and moving companies. Better yet get the hell out of Dodge while you can.
This is NBC please standby for the mayor of Chicago as she speaks about the budget and the state of the city...
Mayor Lightfoot: “I AM GROOT!”
Thank you we now return to your local programming
Tif reform is essential to funding your pension. Sue for the money, it is there. The city just wastes it constantly on nonsense. So if you believe bike lanes, Lincoln yards, DePaul, Roosevelt street. And every building built on the river which receives millions of TIF funds is more important then your pension then sit back and shut up. If you are against this demand your union sues for the money which is there. Demand more from your union..,..
As usual, raise taxes now and in a few years during election time the news will replay over and over and over again something the police did supposedly wrong to take the citizens mind off of the tax increase
Anonymous said...
Groot is out way over her skis.
She’s gonna crash and burn.
8/10/2019 12:22:00 PM
The only way the militantly malignant midget mayoress
can accomplish being out over some skis is being perched on
Sir/Ma'am Prickwrinkle's shoulders during a ski jump.
Crash and Burn?
Heh...
Her political vehicle is up hard against a bridge abutment
engulfed in flames and the engine blown off the mounts and
rearward through the firewall and dashboard into the passenger
compartment spewing hot oil and gasoline all over while
madame mayoress struggles to get out while screaming some
nonsense about "can't no MAN tell ME what to do!"
Progressives have a penchant for self immolating.
You have two weeks to get your houses on the market and sold before the hammer drops and the values drop to nickels on the dollar....
CPS budget just increased by 110 million
STOP writing tickets!! All that revenue gets pissed away on perks for jerks and programs for the ‘gimme dats’.
The scariest mission of my life wasn't in Bosnia. No. It wasn't in Baghdad at the height of the war. It wasn't Jalalabad either...... It was Gary, Indiana. My drunk wife won $3000 on a casino boat and I had to get her to the car and out of town. Truly terrifying.
......You do have a voice start screaming. It seems that Chicago politicians only pay attention to those screaming the loudest.
8/10/2019 12:54:00 PM
You are not from around here, are you?
Make all the noise you want to. Hereabouts, noise makers are plentiful.
Politicians here are : Deaf. Dumb. And Dumber. Also, genetically Dishonest, Greedy, Huge Assholes and Mutants Most Egregious.
The only noise they respond to is the vote totals at the conclusion of elections.
And only if those vote totals = overwhelming defeat of their Grafter Hog Party candidates.
The noises, then, are the sounds the hogs make lamenting their Failure to Manipulate.
As for "independent" and "republican", you ARE not from around here.
Our elections are political party affiliation free. As in, there are no other political parties; only the Hog Party.
Here is the path to liberation from Hog Party dictatorship:
1. Delete all thoughts of political party affiliations. Here, there are no true parties. Only candidates for elected office. Names. On the ballot. Names which got onto the ballot and remained on the ballot through the election and that is all there is to it here.
2. Apply the rule of: There Can Be Only ONE. One name. One name which got onto the ballot and remained on the ballot until the election is held and completed.
3. Make that name NOT a candidate of Hog Party pedegree. Not a shill. Not an option equally pleasing to the Hog Party. Not anyone from here ever involved in politics here. Everyone ever involved in politics here is Hog Party tainted. EVERYONE.
4. Face the fact that here, ALL politics is infected and infested with Hog Party grade hogs. Here, there are NO non Hog Party political candidates. None. Nada.
5. As President Trump has done, thee must do. (See our elections here as a combined traditional democrat AND republican primary. The first round election being this. The second run-off, one on one election being the actual, traditional election, the winner of which gets elected. Choose your ONE candidate with this reality as your prime directive.)
6. ONE candidate. NOT from here. ONE.
7. Get that ONE candidate onto ballot. Keep that ONE candidate on ballot. The election will tell the tale.
8. The above will require a determination, a resolve, an abundance of brass balled individuals willing, able and dedicated to wading through the Hog Party muck, running the Hog Party gauntlets and succeeding in getting that ONE candidate onto the ballot and keeping that ONE candidate on the ballot until the completion of the election. No less is the task.
9. Good luck, Jim. (Cue theme of Mission:Impossible!!!!)
And she was the better choice of the two candidates, right?
I heard her little Us marshal friend will run the security at the casino
The City and State are all wild-eyed of the cash projections from weed sales. It will be a long time, if ever, before that much money is actually produced.
But the City and State have already spent it.
I make $135,000.00 a year in Chicago. Time to pull the plug and take my money with me. Indiana here we come.
the lake calumet site at the golf course is not a slag dump and there are no mills in the backround. mills are long gone. the city had an incinerator at 103 rd and doty for decades. the city dump is where they dumped the residue from millions of tons of burned garbage until epa shut them down. they capped it and put a golf course on it. the entire lake calumet area is a superfund site and really not fixable after 100 years of unregulated heavy industry. if you build there i garuntee that in 20 years there will be massive class action love canal type suits for customers and employees growing second heads. i dont know much about gaming so if i was mayor i would ask a gaming company for advice like those folks in lost wages nev but thats just me. make your decision based on racial politics and ill put a grand on it failing. and i only bet on a sure thing. idiots.
Anonymous Anonymous said...
I now wish McCarthy would have won
8/10/2019 11:10:00 AM
Too white too straight and too male. Silly boy.
I make an average of $65,000 a year (gross). Although it has taken some cost cutting, I have never had a problem paying my property taxes in the 22 years I have lived in my home. This may be the breaking point, for a lot of people. I know it sounds kooky but, I don't work to pay for everyone else's lifestyle! I work for the betterment of "my" f**king life! So excuse me if I don't care about the bloated benefits & pension of a city laborer making $72,000 + a year!! the money is gonna dry up when there's nobody left in this shithole!
And the complicit liberal Chicago news media will just laugh it off and hope we forget about it. After all, Groot is their candidate! They all make enough money that they won't even feel the increases.
Cut the alderman down to twenty two, one per district. Adult roadway usage tax for all the millennial bike riders utilizing the streets. Last time I checked vehicles have a still bill from the city and state yearly. In the trendy parts of the city there are bicycle traffic signals. Entire intersections have been reconfigured for bicyclists and not a dime being collected from them.
Here comes the before mentioned bike licenses. Will include bikes, skateboards, longboards and scooters. Heard the number of $100 thrown around. Children under 10 might be exempt but anyone over that age better have the plate. City is planning on 10 million on the fees plus another million or so from tickets. Also no more free bike parking on the street. You will have to lock bike up in special bike corrals every 2-3 blocks. The debate rages over roller skates and in line skates licenses might be required for them as well. Bike paths along lake font and 606 will be toll paths. All in all city hopes to net 20million a year from the pedal and skate crowd.
Ralph Papa Thorson Says:
"Every Day in Chicago is Doomsday.."
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