Chicago, The next bankrupt liberal/socialist US city.....

[Team Sergeant]

Chicago, The next bankrupt liberal/socialist US city.....

This is the result of the American democrat/liberal/progressive/socialist movement. Major US democratic cities going under one by one. Just keep voting yourself more benefits Chicago.....





Chicago nears fiscal free fall with latest downgrade
ReutersBy Karen Pierog | Reuters – 21 hours ago.

CHICAGO (Reuters) - Chicago drew closer to a fiscal free fall on Friday with a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts.

The downgrade to Baa2, just two steps above junk, and a warning the rating could fall further still, means the third-biggest U.S. city could face even higher costs in the future if banks choose to terminate other interest-rate hedges against fluctuations in interest rates. All told, Chicago holds swaps contracts covering $2.67 billion in debt, according to a disclosure late last year.

"This is an unfortunate wake-up call for anyone still asleep over the fiscal cliff facing the city of Chicago," said Laurence Msall, president of the Chicago-based government finance watchdog, The Civic Federation.

Chicago's finances are already sagging under an unfunded pension liability Moody's has pegged at $32 billion and that is equal to eight times the city's operating revenue. The city has a $300 million structural deficit in its $3.53 billion operating budget and is required by an Illinois law to boost the 2016 contribution to its police and fire pension funds by $550 million.

Cost-saving reforms for the city's other two pension funds, which face insolvency in a matter of years, are being challenged in court by labor unions and retirees.


cont:
https://ca.news.yahoo.com/exclusive-...--finance.html

[SF_BHT]

And is anyone surprised with this?

[Sohei]

There are some places in the US that simply don't shock me no matter what it is that I hear they have done or are doing.

Chicago is in the top five of those cities....

[Pete]

It's amazing the number of libs that would have no problem killing the military 20 year retirement "to save money" and convert it to a 401k type program but would shit their drawers if you said public sector workers should all be converted over to 401k programs.

[Javadrinker]

Originally Posted by SF_BHT

And is anyone surprised with this?

I'm sure that rahm and his buddy barry are

[Badger52]

Originally Posted by Team Sergeant

Chicago's finances are already sagging under an unfunded pension liability Moody's has pegged at $32 billion and that is equal to eight times the city's operating revenue. The city has a $300 million structural deficit in its $3.53 billion operating budget and is required by an Illinois law to boost the 2016 contribution to its police and fire pension funds by $550 million.

Cost-saving reforms for the city's other two pension funds, which face insolvency in a matter of years, are being challenged in court by labor unions and retirees.

Kickin' the can down the road and the rest of IL and probably Amerika will pay for it as "too big to fail." There are lots of these dens around the country where a metro area (or 2) "drives" the rest of the state (insane usually), since they think they're the center of the universe.

Reminds me of an Iacocca story from the 80's where he alledgedly told the union, in effect: "I have lots of jobs at $18/hour; I have zero jobs at $22/hour. What do you want to do?"

Sympathy factor = 0.

[Badger52]

Originally Posted by DocIllinois

My contribution: flush and repeat.

Wait till ice-out on the lake.

[Team Sergeant]

Originally Posted by DocIllinois

University of Chicago offers $1 million for best idea to stem youth violence

"More than suicide or heart disease, HIV or unintentional injuries, homicide has claimed the lives of more young African-American males than anything else.

My contribution: flush and repeat.

Chicago where: Black Lives Don't Matter to Blacks.

It's a lot more complex than taking a pill. Education, a real war on drugs and fighting a counterinsurgency within the USA is required. Take out the gang leaders by any and all means necessary, same with the cartel leaders.

All things dope smoking liberal democrats will have no part of.......

[Gypsy]

And the Dims have been in charge of the city since 1931. Just goes to show you what almost 100 years of rule can do.

I'd like to think the new governor will be able to drive some change...time will tell.