Chicago not poised to go the way of Detroit -S&P

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ejhickey wrote:

from the article: “If Chicago substantially draws down its reserves in an effort to increase its pension payments in line with state mandates rather than raising taxes, it could lead to a downgrade,” the report said.”

in other words, the solution for Chicago’s budget problems is , wait for it – RAISING TAXES. one little problem: both the mayor and the city council are scard to death of even discussing this possibility. notice that no one dares to bring up the idea of a city income tax. even the mention of this idea is treated like a rude noise made in an elevator. how can the city solve its problems if the idea of raising taxes is treated like a taboo by TPTB?

Feb 28, 2014 4:17pm EST  --  Report as abuse
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