Somebody Stop This A$$hole

Hey aldermorons, we're looking at you:

• Mayor Brandon Johnson’s “exaggeratedly back-loaded” schedule for repaying $830 million in general obligation bonds could saddle Chicago taxpayers with $2 billion in additional costs by 2055, municipal finance experts warned Tuesday.

  Municipal Market Analytics, an independent research group on municipal bonds, urged the City Council to restructure the debt repayment schedule before signing off on Johnson’s plan to add $830 million to Chicago’s mountain of debt to bankroll a year’s worth of capital projects.

  The City Council is scheduled to take a final vote on the general obligation bond issue at Wednesday’s meeting, unless any two alderpersons use a parliamentary maneuver to postpone the final vote. They don’t need to provide a reason for that delay.

  MMA Partner Matt Fabian acknowledged the city has a history of “back-loading” its debt — putting more principal at the end, thereby “ballooning” those late payments. But he argued Johnson’s plans is a “more extreme version” of that dubious structure. It calls for the city to make “capitalized interest” payments only — using borrowed money — for the first two years and make interest-only payments until 2045. "Future taxpayers will be paying for improvements that current taxpayers benefit from. … It leaves future taxpayers to address the city’s current management failure to address its budget in a sustainable manner,” Fabian said.

Literally, the EXACT DEFINITION of robbing Peter to pay Paul. And the current administration - like administrations past - will be long gone, either out of office, out of Chicago, Illinois or out of earthly existence (dead and buried) when the bill comes due.

You want to stop crap like this, make it illegal to mortgage future generations of taxpayers to pay for these insane projects the current generation can't afford.