This article was published by The McAlvany Intelligence Advisor on Monday, December 5, 2016:  

Chicago Public School Officials were so sure that they would get another bailout from the state that they actually put it into next years budget. The city is behind on making a $730 million pension payment due its pension plan, and the $215 million they were expecting from the state would allow them to make it.

The bill that passed the state senate unanimously and the house overwhelmingly was headed for Governor Bruce Rauners desk for signing until Rauner (pictured) learned that the Democratic leadership had no intention of keeping their promise to institute significant pension reform in order to get the bailout.

Rauner vetoed the bill last Thursday, invoking the wrath of the Democrats involved in the head-fake. In his veto message Rauner called them out:

Today I return Senate Bill 2822, which would give $215,000,000 to Chicago Public Schools without having reached an agreement on comprehensive pension reforms for the State and local governments.

In June we agreed on a six-month funding bridge [conditioned upon] an agreement to end the budget impasse.

As a pre-condition to funding schools statewide we agreed to provide CPS with $215,000,000 but only if we came together to pass comprehensive reform. Without [those reforms] money would continue to be wasted on bailout after bailout.

Today [Senate Democratic leaders] denied that this bill would depend upon first enacting comprehensive pension reform.

It wasnt really an agreement after all, complained the Democrats. It was aninformal understanding that, once they had the money in hand, then they would begin serious discussions about how to fix the states and cities various grossly underfunded pension plans. CPS CEO Forrest Claypool invoked a hidden agenda of Rauners which included hurting poor minorities in to his veto:

Governor Rauner has today acted impulsively and recklessly, reneging on his promise to our school children, their teachers, and their parents.

By going back on his word, Governor Rauner is treating Chicago children like they deserve less than every other child in our state. With a stroke of a pen, the governor has relegated poor, minority children to second-class status.

Chicago Mayor Rahm Emanuel weighed in on the horrible injustice of Rauners veto as well:

Make no mistake: its our children who will pay the price. The governor is lashing out and proving just the latest example of his willingness to put the burden of his failures on the backs of the states most vulnerable citizens, whether its schoolchildren, college students, seniors, or those living with disabilities.

All of which is just for show, and fodder for the liberal Illinois media trying to cover for the politicians who have spent the state into bankruptcy. In a surprisingly clear explanation of how Chicago and the state of Illinois got itself into this pickle, Huffington Post wrote:

Funding pensions in Illinois has been anathema for decades to the operating theory of most politicians, who greatly prefer to spend money today on things voters can see and love immediately [rather] than to sock it away in pension systems. Elected officials get a lot more bang from state budget bucks that lead to ribbon cuttings than from those that bring only nods of approval from pension actuaries.

Thats the dream that Democrats have — making promises they know they cant keep, but they dont care. Theyll be long gone by the time the math catches up. They pass the hot potato from one congress to the next, hoping that, like musical chairs, theyll be ancient history when the music stops playing.

Chicago is bankrupt. It has been bankrupt for at least the last ten years. It has been losing jobs, and tax revenues, for years, in an unstoppable downward economic spiral, said Michael Bargo at American Thinker. Chicagos population has fallen below where it was in 1920, while the number of white people living in the city has declined to below where it was in 1890. In 2015 the Chicago area lost more than 6,200 residents, the greatest population loss of any metropolitan area in the U.S., according to Bargo. And half of them are millionaires who got tired of bearing the increasing burden imposed by Democrats.

Since Mayor Harold Washington issued his Executive Sanctuary City Order in 1985, illegal immigration has put increasing burdens on those still working to support them. Refusing to face reality, Democrats have continued raising property taxes, increasing the citys bonded indebtedness and on everything a resident buys: gasoline, cable TV, phone service, alcohol, and parking stickers, among other things.

The state lost 105,000 residents last year and now sports the lowest credit rating of all 50 states, along with the highest rate in the lower 48.

And so far nothing has been said here about Chicagos claim as the murder capital of the country.

Chicago is dying, as is the state of Illinois, thanks to wounds deliberately inflicted by Democrats seeking votes by granting, among other things, generous pension benefits to their constituencies, and letting someone else worry about how to pay them. retiring now, according to actuarial and mortality studies, expect to receive more than $2 million each during their retirement, enabling them to dream of moving to Arizona or Florida where the weather is nicer and the chances of getting murdered are significantly lower. They are going to have to make other plans. The city owes an estimated $100 billion in unfunded pension liabilities.

This is how Detroit wound up cratering. Chicago is headed down the same path.



Chicago Tribune:          Rauner’s veto leaves CPS with a big budget gap to cover Senate Overrides Rauner Veto of CPS Pension Bill, House Adjourns Until January

Chicago Sun Times: Governor Rauner Explains Veto Of CPS Pension Bailout

Huffington Post: History of the Illinois Pension Crisis Could Be Learning Moment Rauner vetoes $215 million Chicago schools bill, says Dem reneged on deal

American Thinker: Chicagos Collapse Has Begun

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