More Unsustainable Debt

Conehead hits the basement and starts digging - shovels supplied by "progressive" alder-a$$holes:

• Borrowing money to bankroll neighborhood improvements is normally routine for big cities like Chicago with crumbling streets and aging equipment. But there’s often nothing routine about City Council votes under Mayor Brandon Johnson.

  That was clear again Wednesday, when Johnson struggled to pass his $830 million general obligation bond issue — featuring a back-loaded repayment schedule that raises the overall price tag to $2 billion. Johnson’s 26-23 victory was secured only after the mayor had to cast the third tie-breaking vote of his 19-month tenure. This time, he broke the 25-25 tie to kill Ald. Brendan Reilly’s attempt to postpone the vote until May 21.

  [...] Wednesday’s drama feature a new twist: For the first time in anyone’s memory, the massive borrowing measure was initially called for a vote without a word of debate.

This is only going to be aggravated by companies and middle class taxpayers continuing to move out of the city. Most of the super-rich have already left or are declaring their primary residences somewhere far away from this slow-motion disaster.

Slow-motion for now that is. It'll get much faster pretty quickly.