Illinois is bankrupt, is Chicago the next Detroit? 'Illinois to Postpone Pension Payments “We Are out of Money Now” (Indiana, crime)

[WaldoKitty]

Originally Posted by steeps

Since I left Chicago...they....

This is all you really needed to say. It pretty much kills your entire argument in the context of this topic.

[WaldoKitty]

Originally Posted by urbanlife78

How exactly is Chicago headed towards bankruptcy?

Just like anyone who goes bankrupt. Too much spending, not enough money coming in. Also known as "Democratic Socialism".

[urbanlife78]

Originally Posted by WaldoKitty

Just like anyone who goes bankrupt. Too much spending, not enough money coming in. Also known as "Democratic Socialism".

That isn't called Democratic Socialism.....heck, Republicans do the same thing when they cut taxes and increase spending. But seriously, Chicago will have to look at where they can raise taxes and where they can cut spending....this isn't a left or right wing concept, it is just the part of balancing a budget.

[totsuka]

It would be best to raise taxes. Chicago has the right idea for a new tax on Netflix and this should be applied across the entire state. Those people love taxes, big government, big pensions for government workers so they won't mind.

[steeps]

Originally Posted by Mathguy

So, you reference a bunch of pictures and comments from the YACHT CLUB as proof that Chicago isn't turning into extreme variances of wealth? ****.

But hey, you are probably 23 with a communications degree so this is probably the least offensive thing you have to do at work.

ONE.... picture and you are off the deep end??? On me In case..... you NEVER SAW A STREETVIEW360°.... It is a Google feature of viewing street scenes where you can actually go down the street and around the corners and zoom in. I was never on a real yacht in my life.... LOL

You were on a RANT.... I felt Time-Out. CHICAGO IS STILL VIBRANT. Its History in GREAT HOUSING STOCK AND DOWNTOWN THAT OUR BIG BUSINESS and Investors built and CONTINUES TO BUILD UP AND OUT.

Apparently you have a problem with a Democratic Republic and Corporate America Building this Nation too?

My 360°s show JUST A FEW EXAMPLES OF CHICAGO'S MIDDLE-CLASS HOUSING. BUILT AND LIVED IN AND PAID FOR BY THE MIDDLE-CLASS.

I threw in how a EASTERN CITY was Built in a TOTAL OTHER STYLE CHOICE OF HOUSING FOR ITS MASSES. AS PHILLY IS 65% ROW HOMES.... AS CHICAGO IS THE OPPOSITE OF FEW ROW HOMES....

I gave WEB-SIGHTS SOME NO DOUBT.... who did the (MATH) pun intended. STILL SEE A VIBRANT CITY IN STATISTICS BY (NUMBERS IN MATH)

The US census gives the Downtown Chicago population growth numbers.... (Math)

Again Do you realize NYC was virtually bankrupt in 1975? A reluctant President Ford gave Felder loans that basically was BAILOUT MONEY???? NYC's Crime skyrocketed Police and other service CUTS.

The Business community Right and Left pressured Ford who first said NO.

I NEVER QUESTIONED OR DENIED YOU NUMBERS (Math). Mere saw BREAK-TIME. TIME FOR SOME POSITIVES ON MY FAVORITE CITY......

Apparently you saw my post was merely about you and.... MATH.

Originally Posted by WaldoKitty

This is all you really needed to say. It pretty much kills your entire argument in the context of this topic.

Apparently YOU ASSUME I left the city because OF LOATHINS AS OTHERS AND POLITICAL BLAME.

No it was well over 20 years ago when family issues with my parents in my HOMETOWN in PA. Had me make a decision. Nothing to do with the city. I LOVED IT AND ADOPTED IT. I wish had not left. Once married back in PA ect. Going back never came.

A lot of ASSUMING in this thread TO CONDEMN A STILL GREAT AMERICAN CITY.... DESPITE ITS ISSUES.

Some people posting MIGHT NOT HAVE EVEN VISITED THIS CITY... JUST USE ITS ISSUES FOR >>POLITICAL REASONINGS OF .... SEE SEE. WHAT YOUR SOCIALISM HAS DONE.... Well the Business community STILL BUILT A AWESOME DOWNTOWN FROM SOME DECAY OF THE 60s. Back UP to its GLOBAL STATUS TODAY and being a 50 MILLION visitor/tourist city.....

Also long before that. Its GREAT NEIGHBORHOODS. MOST STILL LOOK GREAT TODAY. With its POWER-LINE POLES ALL IN ALLEYS unlike so many other cities with them on front lawns and can be in front of a new home..... Well built with fairly strict Codes and zoning and standard set-backs. NOT LETTING DEVELOPERS CALL LL THE SHOTS.

HOUSTON .... was the opposite. No zoning ect. It has its share of Bond and Pension debt too...⤵

Houston Sight gives CHICAGO'S DEBT BREAKDOWN AND NYC'S too. NYC'S IS SOPPING TOO. BUT IT IS One of the wealthiest cities in the World. Chicago's is worst yes....

[flamadiddle]

Originally Posted by urbanlife78

But seriously, Chicago will have to look at where they can raise taxes and where they can cut spending....

They already have some of the highest taxes in the nation. Crazy high property taxes, 10.25% Sales Tax, Toll roads all over the place, high gas tax, red light cameras (to generate more revenue), a tax on NetFlix (wtf?) and even a bottled water tax! At some point, people and businesses start to flee and then what do you do? raise taxes even more to make up for the loss of tax base? Then more people and businesses flee. It's a vicious cycle and one that is not sustainable.


City of Chicago :: Tax List

http://www.cnbc.com/2015/07/16/stick...n-chicago.html

http://articles.chicagotribune.com/2...ude-oil-prices

[Frank DeForrest]

Originally Posted by flamadiddle

They already have some of the highest taxes in the nation. Crazy high property taxes, 10.25% Sales Tax, Toll roads all over the place, high gas tax, red light cameras (to generate more revenue), a tax on NetFlix (wtf?) and even a bottled water tax! At some point, people and businesses start to flee and then what do you do? raise taxes even more to make up for the loss of tax base? Then more people and businesses flee.


City of Chicago :: Tax List

Sticker shock sales taxes in Chicago

you are schooling someone who never met a tax they didn't like.

[joeymags]

Originally Posted by urbanlife78

That isn't called Democratic Socialism.....heck, Republicans do the same thing when they cut taxes and increase spending. But seriously, Chicago will have to look at where they can raise taxes and where they can cut spending....this isn't a left or right wing concept, it is just the part of balancing a budget.

If it is as simple as cutting expenses and raising taxes, how did Detroit ever go bankrupt? Unfunded pension obligations are by far Illinois biggest issue - and as I stated, the benefits are constitutionally protected and can not be cut.

[Goodnight]

Originally Posted by joeymags

If it is as simple as cutting expenses and raising taxes, how did Detroit ever go bankrupt? Unfunded pension obligations are by far Illinois biggest issue - and as I stated, the benefits are constitutionally protected and can not be cut.

That is the issue in many states, they are not contributing enough to cover the cost of pension and benefits and to make matters worse they are amortizing over 20-30 years in some cases adding to th einterst debt. Politicians made promises they couldn't keep and many who started us down this path are no longer in office. Very difficult to get concessions from public unions, contracts never get rolled back only forward.

[joeymags]

Originally Posted by Goodnight

That is the issue in many states, they are not contributing enough to cover the cost of pension and benefits and to make matters worse they are amortizing over 20-30 years in some cases adding to th einterst debt. Politicians made promises they couldn't keep and many who started us down this path are no longer in office. Very difficult to get concessions from public unions, contracts never get rolled back only forward.

Yes - many states have large unfunded pension liabilities because they do not make a large enough annual contribution to the fund. But to compound the problem in Illinois, as I mentioned, it is one of only seven states where the pension benefits absolutely can not be reduced / restructured, as mandated by the state constitution.