Meanwhile, no mention of the City of Chicago Credit Rating taking another nose dive...this is bad, folks. This is real bad... And the mayor and city council have buried their heads in regards to finding solutions (namely, lets start taxing corporations who exploit our city and pay nothing)...
http://chicago.cbslocal.com/2014/03/04/moodys-downgrades-chicagos-credit-rating-lowest-of-any-major-city-except-detroit/
CHICAGO (CBS/AP) — Moody’s Investors
Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities.The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt
from A3 to Baa1, putting it only three notches above junk-bond status.Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”
Moody’s says those liabilities “threaten the city’s fiscal solvency” unless major revenue
and other budgetary adjustments are adopted soon and are sustained for years to come.The lower rating means the city will have to pay high interest rates
.Moody’s says a commitment to increasing tax revenue is one thing that could raise the rating. Chicago now has the worst credit rating
of any major city except Detroit.
The city has to deal with pension liabilities... nothing will happen before next years' mayoral & city council elections. A critical question for anyone running for these offices will be "how do we deal with pension liabilities", and what is your plan?
ReplyDeleteCan you imagine Mary O'Connor trying to answer a question about the city budget and pension liabilities? She would need to change the subject or plant someone in the audience to muddy the water.
DeleteWhy in the world is Rahm investing taxpayer money into more seats for soldier field? Is he insane? OMG! and this on top of building a sports arena for DePaul University, a private school? Time to wake up Chicago. And I'm sure our little alderman will skip along behind him telling us how "happy" she is about the expansion. Remember, our alderman voted FOR the DePaul stadium.
ReplyDeletesoon, we will have no neighborhoods, just a downtown and magnificent mile showcase for the rich. The rest of us will sink into a pothole, die of petcoke exposure, go broke from paying fines, tickets and parking meter costs, and/or at the hands of a criminal.
ReplyDeleteUsed to be, you mentioned you were from Chicago, and everyone thought about Al Capone and the mob----those were the good old days, when you could hold your head up high. Everyone, thought you were a wiseguy if you hailed from the windy city. These days, living in Chicago is a downright embarrassment. And, I used to be called a crook. I look like a choir boy next to these guys.
ReplyDeleteWhy did our Alderman O'Connor (41st) vote for the DePaul stadium deal? The only credit rating benefitting from that deal was DePul U. There are more than 20 billionaires who call Chicago home. Tax them. Then hit the CME thugs with a transaction tax. Finally, give the Civic Federation the finger whenever they open their pie hole.
ReplyDeleteWill Mary vote in favor of the proposal submitted by Alderman Toni Foulkes (15)? Yesterday Foulkes submitted a proposal requiring employers give at least 5 paid sick days a year. Does Mary give her deli workers any paid sick days a year? Or is she ok with her employees reporting to work sick? If she votes yes; no conflict. If she votes no; big conflict. If she abstains; buck-buck, buck-buck-buck, buck-buck.
ReplyDelete