AMERICAN THINKER
by Michael Bargo, Jr
July 17, 2015

Chicago’s financial situation is the worst of any large municipality in the nation. Moody’s recently downgraded the credit rating of the city’s municipal bonds to junk status, a sure sign to investors that the city can’t be relied upon to meet its financial obligations.  The city’s response to this downgrade was to pass, just a month later, another $1.1 billion borrowing program.  Chicago has the most serious case of financial denial of any large city.  Mayor Emanuel fiddles while Chicago burns….The pension debt is a legacy debt of its gigantic patronage system, a politically based system of hiring workers for city jobs in order that they, and their families, will support the Democrats who hired them.  Today there are almost 40 politically based unions.  All support Democrats. READ MORE