And a bitter harvest is underway.
From the Chicago Sun-Times:
Chicago's plummeting bond rating took center stage in the race for mayor Friday after a Wall Street rating agency dropped it another notch to two levels above junk status citing Chicago's $20 billion pension crisis.Even before yesterday's rating plunge Chicago had the lowest credit rating of any big city except for Detroit. And Illinois has the worst credit rating of the 50 states. Illinois' Republican reform governor, Bruce Rauner, is trying to end the rot after 12 years of Democratic governors. Chicago hasn't had a Republican mayor since 1933.
The decision by Moody’s Investors Service to drop Chicago's rating for a fifth time under Mayor Rahm Emanuel from Baa1 to Baa2 may cost the City of Chicago tens of millions of dollars.
As a result of the downgrade, the city is on the hook to pony up $58 million under agreements covering existing debt, according to Laurence Msall, president of the Civic Federation. While city officials can try to renegotiate those agreements, a City Hall spokeswoman had no immediate comment on the matter Friday night.
In addition, the taxpayers "will pay a significant premium for future debt," including both short-term debt used to fund operations and long-term borrowing used to fix and build city infrastructure.
Emanuel faces a runoff election in April--his opponent, Jesus "Chuy" Garcia is a committed leftist and will inflict even more damage to Chicago taxpayers than Rahm has so far.