The bill is about to come due and Chicago does not have the money. From PJ Media:
Will Chicago Be the Largest U.S. City to Declare Bankruptcy?
The city of Chicago is in dire fiscal and financial straits with an almost billion dollar budget deficit, bonds rated at junk status or below, numerous extremely costly legal judgments, a shrinking tax base, and unfunded public pension liabilities to the tune of an astonishing $42 billion.
Other than that, it's a great place to live.
The state of Illinois has its own financial troubles, so the city can expect little or no help there. And good luck getting a federal bailout through the GOP Senate and signed by a president who's been called a "racist" by the mayor.
The shrinking tax base is clear proof that citizens are already over taxed. And since it's Democrats in charge, there won't be much cutting of city services.
The only option for Mayor Lori Lightfoot and the city council is restructuring the city's massive debts. In other words: bankruptcy.
More (including links to the numbers) at the site. The author offers this:
From my 40-year observations of the Chicago political scene, I have my doubts whether Mayor Lightfoot could do what needs to be done. The powers that be are just too entrenched. It's not only politicians, it's bloodsucking businessmen, organized crime, and now street gangs who also get a cut of the action. This is the way the "City that works" has worked for more than 90 years.
Since the days of Big Bill Thompson, Chicago has been a cesspool of graft and corruption. Can waving the magic wand of bankruptcy cure the city of almost 100 years of amoral governance?
Big Bill Thompson was Chicago's last Republican mayor and was totally corrupt. Since then, it has been an 88 year slide into financial ruin and corruption under democratic rule.
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