Current CPS union president. The photo says enough.
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| Economy |
| A More Likely Reason Rahm Emanuel Dropped Out: The Chicago Time Bomb |
| 2018-09-11 |
| h/t Gates of Vienna [ZeroHedge] We may never know why Rahm Emanuel decided to drop out of the Chicago mayoral race. But the media is certainly giving him a pass. They say he simply dropped out for fear of losing. But there’s a far more likely reason than that. Emanuel is smart, and the smart reason for leaving is glaring: He doesn’t want to risk becoming "mayor bankruptcy." Chicago is a ticking time bomb and Emanuel is jumping ship just in case it goes off. Don’t dismiss that scenario too quickly. Despite his lofty intentions when he first took office, Emanuel has failed miserably to reform the city’s finances. Now the risk of insolvency is rising. Chicago’s financials are dire and the city has no plan and no reserves to survive an inevitable recession. In fact, the city has barely kept its head above the water despite a decade of national economic growth. Chicago Public Schools was already at the brink of bankruptcy just one year ago. Rahm knows the risks of collapse are rising. He’s passed property tax hikes, emptied the reserves and employed every budget trick he can to make the numbers "better." He’s even sold off public assets ‐ the city’s future sales tax revenues ‐ to "shore up" the city’s finances, and yet Chicago is still junk rated by Moody’s. CPS is in even deeper junk territory ‐ far lower than even Detroit. And that’s after the state poured more money in as the result of a new funding formula. |
| Posted by:g(r)omgoru |
| #9 I'd think Emanuel was thinking of running for higher office in 2020. |
| Posted by: ruprecht 2018-09-11 19:50 |
| #8 Obama makes hisself available...3,2,1. |
| Posted by: Skidmark 2018-09-11 15:06 |
| #7 Rah, Emanuel did try. He got massive, immediate pushback - and knowing the power structures in the city, gave up. |
| Posted by: Snoluting Phomoth8901 2018-09-11 11:37 |
| #6 He doesn’t want to risk becoming "mayor bankruptcy." Fiscal or moral bankruptcy? Too late for either. They probably have more on him than just fiscal issues. |
| Posted by: JohnQC 2018-09-11 10:11 |
| #5 Define "reform". |
| Posted by: gorb 2018-09-11 08:47 |
| #4 Despite his lofty intentions when he first took office, Emanuel has failed miserably to reform the city’s finances. Makes you wonder how hard he tried, if at all. |
| Posted by: Raj 2018-09-11 08:42 |
| #3 Karen Lewis recently retired due to 'health' reasons, 3dc. Jesse Sharkey, an avowed socialist (a prominent member of the International Socialist Organization - ISO), is the new CTU head (with an associated salary north of $200K) Although he is repeatedly bailed out of his financial/legal issues by his multi-millionaire father-in-law. |
| Posted by: Mullah Richard 2018-09-11 08:04 |
| #2 She appears to have found the buffet. Credit given where credit due. |
| Posted by: Besoeker 2018-09-11 06:02 |
| #1 Current CPS union president. The photo says enough. |
| Posted by: 3dc 2018-09-11 05:45 |