First Detroit. Chicago Next? | TigerDroppings.com

Posted byMessage
Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

First Detroit. Chicago Next?



The Hidden Bill -- Chicago Taxpayer and the Looming Crisis (*PDF File*)

quote:

The city of Chicago has long been regarded as an economic engine of the Midwest. It is home to some of the country’s largest industries and more than 30 of the nation’s Fortune 500 companies. Chicago is accessible by road, rail and water, and is located in a state that boasts an abundance of natural resources.

But decades of fiscal mismanagement by government agencies in Chicago have put the metropolis at a crossroads.

quote:

All told, Chicago residents are officially on the hook for $63.2 billion in government pensions, health insurance and other debt. This staggering figure totals more than $23,000 per Chicago resident, or more than $61,000 per household.




quote:

Even these figures grossly understate the severity of the problem.

That’s because the official pension liabilities are underestimated. Pension funds have long assumed unrealistically high investment returns, which make the funds look healthier than they actually are. Moody’s Investors Service now
calculates unfunded pension liabilities using more appropriate discount rates.

Under new Moody’s methodology, Chicago’s unfunded pension liabilities are at least $23 billion higher than what’s officially reported. Today, the systems have only 31 cents for every dollar they should have to make necessary pension payouts in the future.

quote:

Chicago’s credit rating is now only four notches away from junk-bond status.

quote:

Ignoring the Moody’s pension calculation not only understates the severity of Chicago’s debt crisis, but also the true burden that Chicago taxpayers may be forced to shoulder.

Chicago taxpayers face $86.9 billion in debt and unfunded liabilities under new Moody’s methodology. That’s $32,000 per Chicago resident and more than $84,000 for every Chicago household.






This post was edited on 9/17 at 10:18 pm



Back to top
Share:
dewster
Maryland Fan
Member since Aug 2006
9095 posts

re: First Detroit. Chicago Next?


That's insane.

Chicago almost makes the Memphis government and public safety problems seem trivial by comparison.



This post was edited on 9/17 at 10:18 pm


Back to top
  Replies (0)
Malik Agar
USA Fan
Member since Nov 2012
719 posts

re: First Detroit. Chicago Next?


One by one the dominoes fall. It won't be long until states are in the same situation...





Back to top
TupeloTiger
LSU Fan
Tupelo,Ms.[via Bastrop,La.]
Member since Jul 2004
2847 posts

re: First Detroit. Chicago Next?


The news over here is Memphis and Birmingham are the same way, 60 billion in debt to too many pensions and insurance.





Back to top
davesdawgs
Georgia Fan
Georgia - Class of '75
Member since Oct 2008
17462 posts

re: First Detroit. Chicago Next?


quote:

First Detroit. Chicago Next?



Worry not, Obama will take care of it.






Back to top
  Replies (0)
thetigerman
LSU Fan
Member since Sep 2006
1601 posts

re: First Detroit. Chicago Next?


Well if they don't want to/cannot pay for what they agreed to, perhaps then they shouldn't have agreed to it?





Back to top
deltaland
Mississippi St. Fan
Member since Mar 2011
24070 posts

re: First Detroit. Chicago Next?


I wonder what retard came up with Pension plans and thought that was a good idea.


We are paying for the mistakes of the Baby boomer generation.






Back to top
Wishnitwas1998
Tennessee Fan
Walls, Ms
Member since Oct 2010
16997 posts
 Online 

re: First Detroit. Chicago Next?


Nah brah, it's gonna be the 901





Back to top
  Replies (0)
Wishnitwas1998
Tennessee Fan
Walls, Ms
Member since Oct 2010
16997 posts
 Online 

re: First Detroit. Chicago Next?


quote:

We are paying for the mistakes of the Baby boomer generation.


Well to be honest it's not like our generation is doing much to change it, judging by voting......the few times we even vote



This post was edited on 9/17 at 11:16 pm


Back to top
Aubie Spr96
Auburn Fan
lolwut?
Member since Dec 2009
14607 posts

re: First Detroit. Chicago Next?


Democrats gonna democrat.





Back to top
  Replies (0)
Asgard Device
The Daedalus
Member since Apr 2011
4437 posts

re: First Detroit. Chicago Next?


(no message)


This post was edited on 9/24 at 6:18 pm


Back to top
deltaland
Mississippi St. Fan
Member since Mar 2011
24070 posts

re: First Detroit. Chicago Next?


quote:

Well to be honest it's not like our generation is doing much to change it, judging by voting.


Young people have an urge for someone that is beyond the "norm". That is why they voted for Obama..but go back and look at what Obama preached and what he has actually done.

Now, he isn't so popular because he didn't deliver on his promises. He is constantly found to be lying.

Rand Paul is very popular for the same reason Obama was..he is different and presents new ideas. Young people will largely vote for him, mark my word. They want to find something that works, they just don't know what that will be yet. One thing is certain, they aren't satisfied with the status quo, and that will continue as college graduates find themselves unemployed or underemployed.






Back to top
Wishnitwas1998
Tennessee Fan
Walls, Ms
Member since Oct 2010
16997 posts
 Online 

re: First Detroit. Chicago Next?


I want to agree with you but think if Obama ran vs whoever you pick from the republican side tomorrow, the under 25 vote would still go to Obama.

Not saying its smart, just the way it is






Back to top
  Replies (0)
4LSU2
LSU Fan
Madisonville
Member since Dec 2009
22855 posts

re: First Detroit. Chicago Next?


There's no doubt in my mind that Obama will use executive orders to fund a national stimulus that will remedy the issue in his beloved "home town". He will not let them end up bankrupt like Detroit. The mere fact that his home town is in this shape is the only proof one needs of what he is doing to our country as a whole.

What would've happened of he got the Chicago Olympics that he so desperately campaigned for?






Back to top
  Replies (0)
Jimbeaux
LSU Fan
Member since Sep 2003
11747 posts

re: First Detroit. Chicago Next?


quote:

Well if they don't want to/cannot pay for what they agreed to, perhaps then they shouldn't have agreed to it?


Yes. That's the ticket. Blame previous administrations. That'll solve the problem. Meanwhile, no need to change our current policies which are only doubling down on the spending plans of past administrations.







Back to top
  Replies (0)
Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: First Detroit. Chicago Next?


quote:

To be fair to the pensions, in many cases they are the victims and not the cause. Pensions go unfunded because its one of the few things they can legally defund from annual budgets that nobody notices during the current election cycle.

...

Any large corporation would collapse if it promised its employees a 6% match on their 401ks, then didn't actually put anything in the pot. 30 years later they'll be like "oh shit, we owe a lot of money to these pensioners!"
Certainly. I don't think the pension administrators are at fault here... It's those that made undeliverable promises with Other People's Money and the greedy folks that demanded the perks.



This post was edited on 9/18 at 9:43 am


Back to top
  Replies (0)
SidetrackSilvera
Member since Nov 2012
150 posts
 Online 

re: First Detroit. Chicago Next?


The Sandwich King and Rick Bayless should have a bake sale to save the city. Would be just like Breakin' 2:Electric Boogaloo, but different.





Back to top
  Replies (0)
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
23043 posts
 Online 

re: First Detroit. Chicago Next?


quote:

To be fair to the pensions, in many cases they are the victims and not the cause. Pensions go unfunded because its one of the few things they can legally defund from annual budgets that nobody notices during the current election cycle


Detroit was first sued in 1996, because they weren't even putting the minimum employer's contributions into the pension fund. They spent more money in legal fees (to lose the case) then what was need to fully fund the plan for one year.






Back to top
  Replies (0)


Back to top