Mayor Rahm
Emanuel closed the books on 2012 with $33.4 million in unallocated cash
on hand — down from $167 million the year before — while adding to the
mountain of debt piled on Chicago taxpayers, year-end audits show.
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, “unrelenting public
safety demands” and historic reluctance to raise local taxes that has
continued under Emanuel.
That "low taxes" thing--at least, low property-taxes--goes back at least 30 years. Compare like-valued bungalow prop-taxes in Chicago and Milwaukee and you'll be astonished at how little the FIBs pay.
2 comments:
Obama is going to propagate the socialist cycle and send Detroit our money. Once that happens there will be a line at his door.
You missed the best part of the explanation for the drop in unallocated cash on hand - the introduction of "honest" accounting.
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