Thursday, May 07, 2015

Slouching towards Detroit

Chicago Tribune: "Moody's blues: A closer look at Chicago's dire fiscal future."  Basically, Moody doesn't believe for a moment that Chicago will take necessary steps towards solvency:
What's new, and useful, is the credit rating agency's mathematical vision of a Chicago that can't or won't curb its pension debacle, slash its spending, or substantially raise its taxes. In other words, if Chicago doesn't take one or more of those off-ramps, it will glide down Interstate 94 toward Detroit.
You know whose fault this is?  William Hale Thompson, that's who!

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