Saturday, March 07, 2015

Illinois guv: Chicago on the road to bankruptcy

Western Avenue, Chicago
As I wrote earlier this week, Detroit has softened some of the stigma of municipal bankruptcy.

Illinois' Republican reform governor, Bruce Rauner, thinks Chicago is headed down that same road.

From ABC 7 Chicago:
Rauner says the city is "going down the drain" financially, and voters must consider the city's financial state when they go to the polls on April 7.

While Mayor Rahm Emanuel was in full campaign mode on Friday - shaking hands and greeting voters at a South Side CTA stop - the governor was at an unrelated event in Kendall County, where he weighed in on the state of the city.

"Chicago is sliding into bankruptcy. They can't pay their pensions. They can't pay their bills. The debt has been going up for years," Rauner said.
"It's the government unions influencing the politicians with campaign cash and getting them to get the pensions and spending out of control. Until we deal with that, Chicago is lost," Gov. Rauner said
Related post:

Dennis Byrne: Bankruptcy for Chicago a smart move?

No comments: