Chicago is the 3rd largest city in the US. Thanks to vibrancy and astute Democratic leadership, the Windy City is well on the way to becoming a wasteland with skyscrapers. It’s the crowning jewel of a destitute state, so let’s take a quick look.
I recently stumbled across a true gem: www.heyjackass.com. In order to “Illustrate Chicago Values” they keep running tallies on the “Shoot-O-Rahm-A”. Included on the front page are a “2017 Selfie-O-Meter”, “2017 Shot-in-the-Junk-O-Meter” and a “Shot-in-the-Ass-O-Meter”. According to them, over 3,000 have been shot yet only about 500 killed so far this year. No doubt, the provision of medical care to these wealthy survivors has really stimulated the city’s economy. The average of 55,000 dollars in initial treatment must surely be paid in full by each shooting victim.
Chicago’s financial deterioration is deep and getting deeper by the day. The total figure is comprised of myriad debts and liabilities. They are serviced through byzantine payment and refinancing schemes. This has been going on for years. For instance, back in 2008 former Mayor Richard Daley signed over the revenue from city garages and parking meters to a private consortium for just 1.15 billion dollars. In return, the consortium got these revenues for 75 years. In 2015 alone, 156 million dollars in fees, which doubled since the deal was signed, were forked over to the banksters.
Chicago is losing useful people, and therefore the means to climb out of its steep hole. In 2016, over 19,000 left. Contrary to what the MSM might argue, it’s not how many are leaving, it’s WHO is leaving. Faced with crime, malaise, and high taxes, it’s the people whom the city relies upon for revenue (whites) who are packing up. This is the political conundrum across much of Weimerica: the people who provide stability by obeying the law and paying taxes are not the constituency required to win elections. Thus, a city can continuously slide down the shitter while the same politicians keep getting reelected. In such a place, there’s no political mechanism to reverse decline.
By 2021, the Chicago Police Pension fund will have less than 150 million in assets to cover 928 million in annual payments. If you were a police officer, and faced the prospect of working as a Walmart Greeter upon retirement, what incentive would you have to even get out of your car? I sure as hell wouldn’t. An average of 50 shootings per weekend is probably peak safety as far as Chiraq is concerned.
Much like the police department, the public school system must find a way to cope with enormous budget shortfalls, pension liabilities, and debt service. During the summer, it borrowed 500 million dollars for an inconsequential interest payment of 850 million over the next 25 years. Shortly prior, it borrowed 387 million to cover immediate pension shortfalls for a trifling cost of about 70,000 dollars per day in interest. That’s 887 million in debt accumulated over just one summer. If you don’t have a life, then you may wish to probe further and come up with a grand total.
Mayor Rahm Emanuel
He hasn’t managed to escape the violence unscathed. His son Zach was beaten and relieved of his iPhone few years back by a “teen” on a crime spree. A local newspaper helpfully placed the spree in the perfectly-understandable context of a grieving process. It appears the robber was distraught over the ventilation of his gangbanging half-brother, BoShaun.
The Jew is currently in his second term as mayor of this escalating disaster zone. Prior to becoming mayor, he rose to prominence as Obama’s first White House Chief of Staff. Before entering politics, Rahm faithfully served his country in the US Army Israeli Defense Force during the First Gulf War. His loyalties make him an exemplary leader in Weimerica.
He’s famous for the following quote during the 2008 financial meltdown: “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” In the current context, this could probably be interpreted as launching an escape pod from Chicago City Hall straight to Tel Aviv.
A guy is sitting in the Oval Office who happens to have his name on a massive tower in downtown Chicago. If there’s a single person capable of throwing the city a lifeline, it’s The Donald. He’s even devoted increased federal resources to help quell the violence, which as a civic nationalist, he’d actually like to see decrease. Rahm’s brilliant tactic: insult Trump nonstop. After all, there’s nothing more trivial to Donald J. Trump than a verbal affront. Moreover, Rahm has declared the place a sanctuary city in order to spite the president. After all, if your city is swirling the drain, why let the Feds use their own money to get rid of criminals who lack the legal right to reside in it?
Obama to the Rescue!
President Obama has decided to erect his 500 million dollar presidential library on the South Side of Chicago, the epicenter of the city’s wanton violence. In a community meeting, he announced that the library would include a kill zone children’s play area for the use of the local Negros (93% of the population). But, the bloodbath won’t just be confined to the playground. According to Obama, the library will feature plenty of green space so that residents can enjoy a community garden and “barbeques”. He didn’t specify if it would be providing bulletproof vests. The library is consistent with the stupidity that guided our first affirmative action president through two terms in office. What kind of idiot would build a giant monument to himself in a city that’s well on its way to becoming the next Detroit?
The Big Picture
Chicago is a tremendous burden for the state of Illinois, which happens to be the most financially beleaguered in a union full of states drowning in debt and unfunded liabilities. Amazingly, both city and state are still able to borrow at relatively low interest rates. Just because they can borrow money from a bond market devoid of common sense doesn’t mean this situation will persist. A loss of confidence in them could easily spike rates on public debt across the board because the game will be up and the market will be spooked.
A spike in interest rates would make it even more difficult for them and many other states and municipalities to finance the debts that they’ve come to depend on in order to function. That would be a genuine crisis, the likes of which has never been experienced before but seems inevitable at this point.
The states operate beneath a federal government which Boston University economist Laurence Kotlikoff has estimated to be saddled with over 200 trillion in such commitments. Could congress bail them out? Sure, but if they do it for everybody, then this will have profound implications for its own ability to keep borrowing money.
-By Tom Shackleford