Depending on who you talk to Chicago's public worker pension debt is either the worst in the nation--or close to it. There is no workable way out of it short of massive tax hikes that will force thousands of businesses and perhaps hundreds of thousands of Chicagoans to flee the city, or by defaulting, or a change in Illinois bankruptcy that will allow municipalities to declare bankruptcy.
On a side note--the state of Illinois' pension debt is equally dismal.
Oh there is one other way out--before I get to my point--hyper-inflation. That may be coming.
This fall the Chicago Bears took steps to purchase the sprawling property of the Arlington Race Course in suburban Arlington Heights--which just closed down for good. The Monsters of the Midway play in the NFL's smallest stadium.
The move makes financial senses as they Bears are merely tenants in Soldier Field. They'll own any future stadium and they can turn the property into a "Bears-land," with restaurants, meeting facilities, and perhaps a hotel. They'll own the parking lots and the concessions.
Meanwhile a Chicago alderman, George Cardenas, wants the bankrupt-in-name-only city of Chicago to buy the Bears--and then sell stock to fans. Just like the Green Bay Packers. Only Chicago has a long record of corruption--over 35 members of the Chicago City Council that Cardenas sits on have served time in federal prison.
1 comment:
Only democrats believe it's possible to spend your way out of bankruptcy.
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