|Financial storm clouds swirl around Chicago!|
Chicago Mayor Rahm Emanuel better get on the stick and implement firm and lasting fiscal policies that control city's finances before they become the next Detroit! But what are the chances of that actually happening?
And, as a result, the city's bond rating was lowered three notches Monday by Fitch to A-!
If this is the potential future fate for a city controlled by a democratic machine, what will happen in New York City now that it will be led by Mayor-elect Bill de Blasio and his socialist beliefs?
'Chicago, the third-most-populous U.S. city, had its credit rating lowered three steps on more than $8 billion of debt by Fitch Ratings, which cited the city’s growing unfunded pension liability.
Fitch cut the rating on $8 billion of Chicago’s general- obligation bonds to A-minus from AA-minus, the New York-based company said late Friday in a statement. It also took the same action on $500 million of debt backed by the Windy City’s sales taxes.
It’s the second three-step rating cut for Chicago since July, when Moody’s Investors Service lowered its grade to A3, the fourth-lowest investment-quality category, citing pension burdens and the costs of crime. Mayor Rahm Emanuel, a 53-year-old Democrat, has proposed raising the city’s cigarette sales tax by 75 cents a pack to help close a deficit of $339 million.' (Source)
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