And that's the good news

"Junk," with a negative outlook:  that's how Moody's characterizes Chicago's bond rating.  In other words, "That's as good as it gets, and it's never going to get that good again."


james said...

You know what they say about someone who's drowning. This is going to hurt all of us, not just the locals.

RonF said...

Something that can't go on forever - won't. I've been living near Chicago for decades. The warnings have been posted repeatedly. The reaction of those who are net consumers of tax dollars - public employees and public assistance recipients - has been to denounce and discredit those issuing the warnings. Now the bills are coming due, and nobody likes it.

The interesting part is that there's a lot of talk about how this will affect the City's credit. Has it not occurred to anyone that perhaps what the City needs to do is stop borrowing? When you discover you are in a deep hole, task #1 is to stop digging.