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.
Labels: money questions
posted by SCC at 12:01 AM
40 Comments:
If Chicago was human it would be on life support and bleeding out.
Police and fire need not bitch, the have the never gonna be built casino to cover their pensions.
Wow!! We have some REALLY stupid dumbass alderman
More debt on the way.
Clown Teacher's Union president Stacy Davis Gates was pushing the idea of the City of Chicago borrowing more money to help pay for the CPS budget and pensions at yesterday's CTU House of Delegates meeting.
What no layaway?
If you got a 30 year mortgage today and didn’t make your first payment until 2027 then you only paid the interest until 2050 and the last 5 years you paid off the rest. One would not be able to afford this the last 5 years you would go broke. This is what the Mayor did along with alderman. They and their families will all be out of Chicago by then. Get out now!!!
Let’s also see how much of this money goes into people’s pockets.
Chicago is so done….
Chicago now has a junk bond rating…you can’t go any lower next is bankruptcy.
I thought that TIF's were for infrastructure.
A man that can't even pay his water bill should not be in charge of money.
For a burger today I'll gladly pay you Tuesday....
You wanted your pension, this is the cost.
Here comes Chicago hyperinflation.
Buy a $20,000.00 shack in the woods because the financial armegedeen is here.
Can we talk about alderasshole BSL and his embarrassing grasp of the first amendment?
If I was the governor of Indiana or Wisconsin I would begin now placing ads along Chicago expressways soliciting Chicago and Illinois residents to move to their state.
This is almost as bad as shanks selling the skyway and parking meters.
What lending institution will even loan the money
Really? You forgot to mention the astronomical waste on dumb s#%t by the city.
It's okay, the residency rule will keep a solid tax based paying this off for decades to come.......anyone have a hot needle they can stick in my eye 😖
Trump is running the federal government like a business. Chicago has never been run like a business. Every deal was under the table, and cost more than it should have. Connected people only, got the best deals and contracts were doled out to a few elite thinly veiled crime families. Generations of school children were neglected and diplomas were given out to students who couldnt read and write. Those graduates are voters now. From the POV of the politician, Chicago is running along just fine. There just isnt enough money to go around. They will have to raise taxes again. And Chicago will continue it's death spiral.
It's our fault you see. We wouldn't approve a tax increase so BLM Brandon is simply going to max out the credit card
Spend it like you stole it cuz you did finna going into bankruptcy status
Yes but if the rich people pay their fair share then businesses will come back and flourish and then we can all hold hands and sing combya.
That's a deal Wimpy!
Does anyone know the interest rate on this bond? That is huge who is owning the bonds
Pensions are not the problem. Never were, they're just the scapegoat.
Why does the taxpayer pay the teachers portion of the pension payment when police are paying 9-10% of their salary every check?
How much money did the Daley family and friends steal from selling the parking meters and the Skyway?
The issue was never the pensions. It has always been corruption and stealing by the political class and communists in the teachers union.
or dead!
a certain demographic group will still vote n reelect him
Fuck Conehead. A ignant fool who can’t pay his own water bill or parking tickets. Then get this shit to bankrupt the city. Most will go to useless drunk teachers at cps. They go to the bar after their 6 hr. Day for years. Haven’t lived in the city for years. What a fuckin waste!
Chicago needs a Trump/ Musk style DODG to include the Public Schools and CTA. Let’s cut the bloated city budget threw we won’t need any bond issued
No, you have some REALLY stupid dumbass voters.
I will never understand the Chicago voters willingness to vote disaster after disaster upon themselves generation after generation...
I’m in indiana now and you don’t need any billboards we are here already
There's a lot of ostriches here...
Upteen percent
Please tell me you're really not that fuckin' stupid
Nothing will every change in this or any other democratic city when only right around 30% of registered voters vote Don't bitch if you don't vote. Just like the fop elections. Only around 5000 voted and most of them were retirees. It couldn't be any easier. They send the voting materials to your house but typical coppers to lazy to get off the bar stool to send back but will sure bitch about how they are getting screwed. Also several years back a study was done and only 40% of police and fire were registered to vote in the city and state elections. Also no stand outs in line to jump in to run for mayor on either the republican or democratic side. Torpedoes are in the water and the city has been hit a few times. I hear they are bring in the crew that sunk the Bismarck to finish the city off
What is the interest rate on this bond. Someone has to know. The answer is huge
Chicago taxpayers just got financially fucked a lot harder in the ass ! This fucking incompetent, arrogant, ignoramus is bankrupting Chicago, and the good year blimp pigster the morbidly obese tub of shit is bankrupting the state ! The fat fucking billionaire doesn’t give a fuck about Illinois he has homes in Florida, and Wisconsin this fat fucking rat will be the first mother fucker to jump off of the sinking ship !
Makes me glad that I am retired and not living in that Shithole. Now all of the idiot citizens can pay the additional taxes and the additional bs speeding tickets.
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