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Moody's downgrades Chicago debt to 'junk' with negative outlook
2015 May 13, 8:00am 9,108 views 23 comments
by zzyzzx follow (9)
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lostand confused
2015 May 13, 9:05am
Time for a US taxpayer bail out
The police chief is already calling for increasing property taxes-which are already among the highest in the nation.
Come on Progs - there HAS to be a way to blame Chicago's massive dysfunction, crime and corruption on Republicans, Reagan, Bush, Iraq War or Global Warming.
On the upside, Obama is going to build his Presidential Library in Chicago. I can't think of a more fitting place.
socal,
The only thing that will save this country is more Rep/Con/Tea wars.
http://time.com/3651697/afghanistan-war-cost/
"A truer measure of the wars’ total costs pegs them at between $4 trillion and $6 trillion. This fuller accounting includes “long-term medical care and disability compensation for service members, veterans and families, military replenishment and social and economic costs,†Harvard economist Linda Bilmes calculated in 2013."
BTW, have the R/C/Ts paid the bill yet?
It's hard to pay bills when so many R/C/Ts individuals & businesses are on some form of govt. subsidies. How many are enjoying ACA?
I knew a Prog would jump to the challenge!
Thought you would at least pick the "bad war" (Iraq) to make your lame argument.
Here are all the cost associated with 9/11 by allowing Islamist cave dwellers to plot unmolested to destroy parts of New York City and Washington DC.
http://www.nytimes.com/interactive/2011/09/08/us/sept-11-reckoning/cost-graphic.html?_r=0
Regardless, why can't a big rich Prog-run city like Chicago pay their bills without Billions in Federal handouts to pay the bloated City bureaucracy?
knew a Trog would point at Chicago and never mention Kansas,
Hmmm......
- Chicago's bond rating is junk level Ba1
- Kansas' bond rating is AA
But yeah - they are just the same!
"most Illinois state government workers actually do participate in Social Security in addition to receiving a pension through the State Employees’ Retirement System. Government workers who do not participate in Social Security – such as teachers and university employees – also do not have to contribute to the system via payroll taxes. Social Security’s below-market rate of return means that teachers may actually benefit from not participating in the program."
https://www.illinoispolicy.org/policy-points/average-government-pensions-in-illinois/
Love how Progs stick up for the "middle class" allowing cities like Detroit, Stockton, Vallejo........turn to shit to protect the government bureaucracy's gold plated pensions in return for reliable votes.
Stockton
Stockton imploded because of those who foreclosed (some "strategically") which impacted projected property tax revenues. That in turn affected the various city projects that were counting on that money. The pensions had nothing to do with it.
zzyzzx
2015 May 13, 12:26pm
But you still do not get it. Without Republican support, money never would have been diverted away from the pension system. Then there would have never been shit in the pension system, SoCal. The teacher system is the biggest problem. The teachers rely on that system but neither party gave a damn about the teachers.
Don't the Democrats control the state legislature in IL, and CA???
Y
2015 May 13, 1:48pm
given the murder rate, chicago police budgets should be shifted off property taxes and become part of the national defense budget.
as a bonus, we can use the city streets to train newbie troops for urban warfare.
The police chief is already calling for increasing property taxes-which are already among the highest in the nation.
This is the system that Progs defend. Be proud and own it!
"Lobbyist sues to regain big pension he got from 1 day as substitute teacher"
http://www.chicagotribune.com/news/ct-pension-lawsuit-lobbyist-met-20150318-story.html#page=1
Progs will allow inner cities burn to the ground to keep their political machine well funded with our tax dollars.
HydroCabron
2015 May 13, 2:56pm
Progs will allow inner cities burn to the ground to keep their political machine well funded with our tax dollars.
Yes, and I remember when Bush passed Medicare Part D and ballooned the national debt: conservatives deserted him in droves, and voted him right the fuck out of office because they're so principled, so constitutional.
HydroCabron
2015 May 13, 3:52pm
I guess you've been asleep the last 6 years...
Interesting... craven pussy chickenshit bitch...
I don't harken from a political philosophy where deficits are worse than death camps... so I don't fuckin' care...
Debt as a percentage of GDP is lower under Obama.
No, debt to GDP has been steadily rising. The rate of acceleration has slowed mostly during his second term (as it was rising much faster during his first term), which is by far not enough when you're at 100%.
Hey, folks expect to retire at 55 and the money's not there. Why do you hate America?
It's all about infinite returns which must continue. The money must be made to appear to come from somewhere.
Strategist
2015 May 13, 6:56pm
It's all about infinite returns which must continue. The money must be made to appear to come from somewhere.
Us.
The silent wheel gets smashed. I say if it comes from somewhere, it comes from Wall Street or elsewhere. But we should look to see how worse off the pensioners would be, if the pensions are scaled back, compared to the average non-pension receiving American. If it is equivalent, I say scale back. Unfortunately, politicians bought votes by making unrealistic promises to pension beneficiaries, e.g. public unions. But I am opposed to a divide and conquer strategy, and would like to see all folks better off as long as they work for it.
zzyzzx
2015 May 13, 7:15pm
Obama is going to build his Presidential Library in Chicago. I can't think of a more fitting place.
How about Kenya?
Unfortunately, politicians bought votes by making unrealistic promises to pension beneficiaries, e.g. public unions. But I am opposed to a divide and conquer strategy, and would like to see all folks better off as long as they work for it.
Way more people are hurt (particularly the poor living in big cities) by cities and States funneling most of their tax dollars to the bureaucrats benefits instead of building and maintaining infrastructure and schools.
You admit that Politicians made unrealistic promises to buy votes from union government workers. That is straight up corruption. Why should we continue this arrangement simply because the politicians made a deal with the bureaucrats when cities are literally facing bankruptcy?
http://www.cnbc.com/id/102650351
Moody's downgraded Chicago's credit rating down to junk level "Ba1" from "Baa2."
The announcement, which the ratings agency released Tuesday afternoon, cited a recent Illinois court ruling voiding state pension reforms. Moody's said it saw a negative outlook for the city's credit.
Following that May court decision, Moody's said it believes that "the city's options for curbing growth in its own unfunded pension liabilities have narrowed considerably."
"Whether or not the current statutes that govern Chicago's pension plans stand, we expect the costs of servicing Chicago's unfunded liabilities will grow, placing significant strain on the city's financial operations absent commensurate growth in revenue and/or reductions in other expenditures," the agency said in a release.
The downgrade affected $8.9 billion of general obligation, sales, and motor fuel tax debt, according to Moody's.
The firm said its downgrades could trigger up to $2.2 billion in accelerated payments on Chicago debt.