October 10, 2013 Leave a comment
My latest piece at ConservativeIntel.
The perennial budgetary malfeasance of Chicago’s elected leaders is no longer shielded behind closed doors and back-room deals. Families and children are starting to experience the repercussions in their daily lives. Schools are closing, police and fire forces are shrinking, and parks and streets aren’t being maintained properly, because the city cannot simultaneously meet its pension obligations and provide basic services. The numbers, as you’ll see, are staggering.
The city’s debt obligations come to a total of $63 billion — over $23,000 for every man, woman, and child. That’s nearly as great as the burden that just put Detroit – once an economic powerhouse in its own right – into bankruptcy. Of course, it’s not quite as bad as Detroit, because Chicago still has an economy and a tax base to speak of. But Detroit’s example demonstrates that’s something no city can take for granted indefinitely.
Read the rest of the article here.