CARTOON BY ERIC ALLIE, Illinois Policy Institute
Chicago”s mayor is planning to take out huge high interest loans to cover massive deficit spending, with interest payments deferred and piling up for the first five years to hide their long-term costs.
Last year, Chicago borrowed $830 million at a cost of $2 bilion. Chicago has extremely high property taxes, high sales taxes, and debt (including huge unfunded pension liabilities).
Progressive Oakland may go bankrupt for violating the contractual rights of a coal company, reports The New York Times.
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