Bankruptcy?
In the face of Chicago being unable to sell bonds to cover debt or operating costs:
Former Illinois Representative Jeanne Ives said that Chicago is effectively bankrupt and that investors are expressing concern about the city's debt. This statement was made in a social media post on X dated November 25.
"Few understand what this means - Chicago is bankrupt and the market knows it," said Jeanne M Ives, Former Representative.
According to the Chicago Tribune editorial board, on November 24, 2025, "bond vigilantes" are opposing Mayor Brandon Johnson's borrowing plans. This follows a recent Sales Tax Securitization Corporation (STSC) deal that saw limited demand and wider spreads. The board indicated that market resistance, including increased underwriter support needed to place bonds, suggests higher costs in the future. They urged the City Council to limit new debt and pay attention to fiscal warnings.
Bond Buyer reported that Chicago's $454.37 million STSC refunding was priced amid contentious budget discussions with significantly wider spreads compared to a previous sale. Lead underwriter Goldman Sachs reportedly "took down" approximately $75 million in bonds that could not be placed with investors, according to Bloomberg. Such underwriter take-downs and widening spreads suggest that investors are demanding higher yields for holding Chicago's bonds.
There's no help coming from Washington as far as we can tell. And Conehead is determined to drive Chicago to the brink hoping for some sort of bailout from Springfield....which is also broke with something over $100 BILLION of debt.
Good thing the police department is so undermanned - if we have to resort to a life of crime to feed ourselves, we know there won't be any meaningful response from the authorities, and even if there is, the justice system is so broken, we'll get probation a few dozen times.
Labels: money questions
posted by SCC at 12:01 AM
67 Comments:
If cash is needed, Chicago can sell every single street and alley to a Middle Eastern country (with a minority interest sold to a politician’s family). That will avert bankruptcy.
LOL... couldn't sell a lousy $75 million because there's ZERO chance of being paid back.
Chicago City Hall: Bunch of bustouts. Sold almost everything worth a shit, spent the cash on crap. Nothing left.
Thanks for nothing Democrats.
"Good thing the police department is so undermanned - if we have to resort to a life of crime to feed ourselves, we know there won't be any meaningful response from the authorities, and even if there is, the justice system is so broken, we'll get probation a few dozen times."
Don't be surprised when a man with nothing to lose begins acting like a man with nothing to lose.
Who in their fucking right mind, even insane mind would buy a Chicago or Il. bond....fucking morons.
Gov. Lardass here....
Don't worry....I can shit that much money out in a wet fart.....
Next Question.
Democrats have always believed that you can spend your way out debt. It wasn’t true in the 1920s and it isn’t true now.
"we'll get probation a few dozen times"
only if you are a certain race
"how can the chicago mayor be removed from office. From: AI Mode
As of right now, there is no legal mechanism under current Illinois law for Chicago voters to recall their mayor. The only way a Chicago mayor can be forced from office is through a felony conviction.
However, several efforts are underway to change this:
Proposed State Legislation: State Rep. La Shawn Ford has introduced a bill (HB1084 in the current session) that would establish a process for a special recall election for the Mayor of Chicago. This bill has been introduced in various forms for several years but has not yet become law.
Grassroots Petition Drive: A group called "Committee for Chicago Mayoral Recall" (also known as "Recall This Fall") is collecting signatures for a binding city ordinance that would allow for a mayoral recall. They need over 56,000 signatures to get the measure on the March 2026 primary ballot, which, if passed by voters, would create the legal basis for future recall efforts.
In Illinois, the state constitution only allows for the recall of the governor by voters; no other city mayors in the state are subject to recall by their constituents. "
I'm sure that taxes, fees, fines will be increased greatly....
Only way out of this is to vote democrat for more.
I retired 20 years ago. The city's budget has more than doubled since then with less employees.inflation is only partly to blame. Like the schools,the more they spend,the worse the product becomes. Illinois has no serious men anymore. Everyone is stealing.
.
Unfortunately it is only getting worse!
For those of us on the tier 2 pension with more than 10 but less than 20. We're royally screwed as it is too late to lateral outside of Illinois and not close enough to retirement. Can't even imagine how much worse it'll get from now till we hit 55. Now this news of bankruptcy is sounding louder and louder as time goes on. It'll definitely be a reality check for those who counted on the pension check to be in the mail. What a depressing situation overall.
And yet they are still dishing out millions in cash $1,000 a month in non-need cash to selected people, not wanting to work taxpayers are forced to urn more cash!democrats are really mentally retarded here!
The position of violence interrupter may have a couple of spots opening up just tell them mayor $hit head sent you.
The payback to these corrupt 'lending' institutions must be too good to pass up.If commiecrats were able to debank conservtives with no reprecussions. Just a little noose tightning by federal buracracy would make the corn pop. Give these blue pussys something real to cry about. Trump this and Trump that ain;t working so good anymore.
But yet there is a shit ton of money in TIF !! So mayor idiot can fund all kinds of bullshit programs. Might be enough to fund ALL the Pension Funds and pay off city debt........
Broke ass dudes can’t even pay attention
CTU is the root of all of this evil. I can only hope that a new mayor can break this union like Ronald Regan did to the air traffic controllers union.
Bankruptcy is going to happen. Plan accordingly. Political hacks will be given other government jobs, but the hard working unclouted will be financially destroyed.
Problem: no one trusts the viability of city/county government. Why would they?
Solution: MAGA
Do the math.
Start laying off peacekeepers, then deputy mayor's, civilian traffic aides, then bodyguard detail and scrap all raises, release the accounting report and cut everyone's office expense account...just to start
Federal consent decree?
Retire fast
Currently There is 8 Billion in unpaid debt owed to the City of Chicago. Administration hearing debt-3.1B. Parking tickets-1.6B. Ambulance fees-1.5B. Utility bills and fees- 810.6M. Cost recovery fees-452.4M. Red-light camera tickets-444.1M. Speed camera tickets-275.1M. 3 Billion of that debt is from the past seven years. Cook County is also owed 122 million in unpaid property taxes dating back to 2004.
The City will never allow a forensic audit of their finances and where their money goes. It would expose to many scandals.
This would expose too much thieving
“Playing the small violin”! The city isn’t broke to house illegal immigrate, or to give CTU a higher budget with from our tax money, or cancel our RDO’s in the summer. Before this could happen mayor Ratface Johnson better lay off all his chronies, to think he couldn’t even pay his water bill and you vote this idiot to be mayor. He sure isn’t cutting back his platoon of CPD security.
Invest the pensions in Chicago muni bonds. They can sell the US Treasuries as planned and buy Chicago munis. Simple, and you get a better return. Think how much your pensions will grow.
All by design, on purpose. What political party is in charge over here for the past 80 years?
Democrat Socialist goal is to drive everybody except the elite of the democratic socialist party into poverty like it is in Russia, China, North Korea, Venezuelan. Wall Street Journal predicts the collapse of Social Security sooner than has been reported. 20-25% reduction in benefits. City of Chicago bankrupt, Illinois almost $100 billion in debt, $40 trillion US government debt. Save the refrigerator box because you may need a place to live.
At least between Chicago's crime and financial issues Porky will never be POTUS
Don’t worry the pension is fine! 🤦🏼♂️
Look at the grift! We have 7 Deputy Mayors! Now giving raises to department heads. He came in to pillage the city in 4 years and then go back to his CTU job!
Wait for it!
Chicago is in a financial crisis, and the city keeps trying to fix it by raising taxes instead of dealing with the real issues. People are being pushed to their limits, and the ones who stay, work, and pay their bills are carrying the weight for a government that refuses to change how it operates. Chicago spends money like it has an endless supply, but the truth is we are running out of room. What’s happening now is not sustainable. The city needs structural change, not more taxes piled on residents who are already struggling.
One of the biggest changes we can make is reducing the City Council. Chicago does not need fifty aldermen anymore. Our population is smaller than it was decades ago, yet we still pay for one of the biggest councils in the country. Cutting the council in half would save millions every year and lower long-term pension costs for politicians. Other major cities operate just fine with far fewer elected officials, so there is no reason Chicago cannot do the same.
The city also wastes money keeping separate storefront offices for every alderman. There is no reason to rent private spaces when Chicago owns buildings in every neighborhood. Police stations, community centers, libraries, and other facilities already have space available. Moving aldermanic offices into these buildings would save a lot of money immediately. It would also improve safety, make services easier to access, and eliminate unnecessary overhead.
Then there is the issue of staffing. We have sworn police officers and firefighters sitting inside doing administrative work that civilians can handle at a much lower cost. Sworn members should be on the street unless they are injured or limited duty. Civilians can take over records, scheduling, training support, district admin work, and other office tasks. This frees sworn personnel without increasing payroll. Cross-training the city workforce and consolidating duplicate roles would save even more money and reduce overtime across departments.
All of these changes are realistic. Residents can push for a referendum to reduce the number of aldermen. The state legislature has the authority to restructure the council if the city refuses to act. Moving aldermanic offices into public buildings only takes an administrative decision. Civilianizing administrative positions in police and fire can be phased in with planning and proper staffing.
Chicago cannot keep raising taxes to cover up the same old problems. When the city avoids tough decisions, it ends up leaning on the people who cannot afford to leave. Families, seniors, and long-time homeowners are being pushed out. When they go, the tax base shrinks, and the cycle continues. That’s why things feel heavier every year.
Chicago can recover, but only if we stop pretending the old way still works. Cutting political overhead, modernizing city operations, using the buildings we already own, shifting sworn members back into field roles, and shrinking an oversized city council will save real money and rebuild trust. Residents deserve a city that manages its finances responsibly instead of treating taxpayers like an endless source of revenue. These are practical solutions that create long-term stability and move Chicago toward a stronger future without putting the entire burden on us.
This is what happens when you elect nonbusiness friendly mayors in Lightfoot and Johnson. The businesses have fled and they're still trying to fleece them as they're fleeing. I am glad I retired 8 years ago and left the city. It might be too late to save the city. Adieu...
We know who's not paying.
Does anyone think he cares, he's gonna keep spending and then blame others.
Well, I can tell you with some certainty that the city is NOT spending money on plowing streets, every side street is like a friggn ice rink…
When Detroit went bankrupt everyone got screwed, police and fire got screwed less than everyone else.
Simply solution. YOU CUT SPENDING! Cut waste. It’s everywhere. The biggest cuts Chicago can make is in CPS. But the mayor is owned by the CTU. So sad what this horrendous mayor has done to Chicago
Can the aldermen get together and completely clip this terrible mayor of any power? Can they pass their own budget with cuts, with a veto proof majority? If they truly cared about Chicago they would.
Sort of like tipping your waitress BEFORE you get your food. You'll never see her again..
O'Hare would be a perfect fit for foreign investment portfolios. A cash cow just like the parking meters and Skyway. I'm sure their money people see an opportunity coming up in the future.
https://welcomesaudi.com/news/saudi-arabias-pif-acquires-15-stake-in-londons-heathrow-airport
The City will never claim bankruptcy. They will never allow a financial audit. It exposes where single dollar goes. And it gives a Judge the power to decide where every single dollar goes. I’ve been through this multiple times through multiple mayors. It will never happen. And, I would point out Detroit which set the standard for pension bankruptcy. The only thing that changed was the COLA was eliminated and new pensions were restructured. A simple google search will explain this to you.
Now we see why Fata$$ wants to be president, or more accurately, Dictator. He thinks he can raid the Treasury and steal hundreds of billions of dollars to give to his bitches in Shitcago
Which will never be collected because it is owed by politically connected scumbags or by people who will not vote for Conehead if he tries to collect.
Who was it that said about socialism: "Sooner or later you run out of other people's money"
Try to relax and not worry as much. This has bee. going on forever. When I came on in the 60’s we were told there would be no pension when we retired. In the 80’s we were told don’t invest in deferred comp city will steal the money and be broke
You knee this when recruitment called you...
Step 1 cut all social service programs
Step 2 restore Chicago budgets to normal spending levels
Well let’s just hope that lying shitbag 9.5 digit midget never makes it to POTUS either
AWFL's. Their all saving the planet. Of course it will the old man's money.
DON'T FORGET: the city owes us a third of a BILLION dollars for the FLSA/VRI lawsuit.. We are fucked and so is the city.
How much of his own money did Brandon pay for his entire lifetime education. My guess under 500 dollars. Most likely ZERO.
Just RELAX . . This is not as bad as you think..
https://www.youtube.com/watch?v=5NNOrp_83RU
government is never bankrupt as long as it can continue to raise taxes on its citizens. The Feds have the added benefit of being able to print money.
Maybe conehead should just start printing money? Who's gonna stop him? Or maybe get a loan from the drug cartels that run every aspect of cook county government, including the courts. They have billions to loan out.
The justice system may be broke as it pertains to the folks. I’m not planning on testing the system anytime in the future.
I cant remeber a time when side streets were a priority unless you are a Chicago politician, big donor, or happen to live by Vinny, tje streets and Sanitation boss
Margaret Thatcher
Racist hater of whitey juss a ignant Conehead. Another dumb fuck ex CPS teacher. They were all useless. Didn’t even live in the city. WTF. And work 5 hrs a day and 6 months a year.
While I'm no fan of Johnson, this isn't all his fault. Chicago mayors have been kicking this can down the road at least since Little Dick Daley was in office.
What you say makes sense. To a normal person. That's not what we're dealing with here. The various unions are self-preserving & are never going to do anything that would jeopardize their numbers. The aldermen aren't going to put themselves out of a job. The politicians aren't going to do anything that will prevent them from getting reelected, and the goal of the hard-core communists in city government, and there are many, is to burn it all down anyway. Bankruptcy is perfect for them.
"Waste" is where the votes come from. But you're not wrong.
Smoothes out those fucking speed bumps.
And, I'm assuming, each of those 7 Deputy Mayors will get a lifetime City Pension for their few years of "work"?
Never say never you should know that by now
https://www.statecraft.pub/p/should-the-feds-bail-out-chicago
Link is to long article on 3 most common ways to deal with Chicago's debt. Written by a Yale professor who probably leans way left so ignore the leftist bs and focus on what's coming - a blend of all 3 methods to deal with Chicago's unsustainable debt. IMHO, next Dem President bailouts Chicago's insolvency problem through action by the Federal Govt.
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