City of Chicago’s cash cushion plummets, debt triples, arrests drop, water use rises

Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments

City of Chicago

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So in this bright new morning of demo progressive ascendency politically, and the control they have had over cities like Chicago, and Detroit for 50 plus years, is it so far fetched to see the graft, corruption, and outright mismanagement of these cities, and not see the parallels to what is "transforming" on a national scale with this administration?

Update Detroit....

With a list of assets that ranges from 22 square miles of land, public utilities and infrastructure, and collections of animals and art, Detroit might seem a candidate for a municipal garage sale of historic proportions.

Detroit looks at grim economics of garage sale - FT.com

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Did any of us ever think we would see the day where a city the size of a Detroit, or a Chicago ponders selling off everything, and closing shop?

But I know libs, Obama has saved America right? :roll:

Re: City of Chicago’s cash cushion plummets, debt triples, arrests drop, water use ri

Chicago has become a joke, really, a shining example of what not to do.

Re: City of Chicago’s cash cushion plummets, debt triples, arrests drop, water use ri

The lame stream media gives these cities a past for how they were run. The same is true for Stockton CA where the union members earned life time health insurance for 31 days of service to the city, and that isn't going away with bankruptcy. No - only those who bought city bonds for infastructure are about to lose and those bonds were issued with the full faith and credit of those cities.

If I owned any muni bond I'd be selling FAST