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Think Greece is in debt? Chicago taxpayers are even more in debt, owe $108 billion

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posted on Jun, 22 2011 @ 10:52 AM
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And that is just LOCAL DEBT. Don't even try to add STATE DEBT (Illinois which is bankrupt), FEDERAL DEBT (US gov which is bankrupt too) and of course PERSONAL DEBT.

If you live in Chicago, you're probably more in debt than if you live in Greece. For now anyway.

Cook taxpayers owe $108 billion, county Treasurer Pappas says: Greg Hinz

The average Chicago household now owes a staggering $63,525 to cover local government debt, according to Cook County Treasurer Maria Pappas.

Suburbanites are deeply in the red, too, with the average household owing $32,901, according to the treasurer.

Among the biggest reasons: $25 billion in unfunded pension liability.

In comments after an appearance Tuesday before the Civic Federation, a watchdog group that has released somewhat similar numbers in recent years, Ms. Pappas said she was "stunned" to learn that county taxpayers on the whole owe more than $108 billion toward local debt.

And this is probably not just in Chicago... but all across the US.

America ain't gonna default on FOREIGNERS.. it's gonna default on pensions, medicare, medicaid and social security. When the average joe figures this out, you'll see riots across America.




posted on Jun, 22 2011 @ 10:57 AM
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reply to post by Vitchilo
 


They are no the only state to be in debt that much, that is how the Fed has broken the republic, making the states Dependant on the federal government to work.

But hey to Tell you the truth their debt is not as high as California.



posted on Jun, 22 2011 @ 11:00 AM
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Is Chicago to be the first to go to the Chinese to satisfy some repayment on debt? Maybe a few toll bridges or highways? Hydro or water? Public Transit perhaps?

Just throwing it out there.

SnF



posted on Jun, 22 2011 @ 11:11 AM
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Chicago is probably one of the most (if not THE most) corrupt US city. I wouldn't be surprised if it becomes the next Detroit.



posted on Jun, 22 2011 @ 11:19 AM
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Wow, I knew local and state governments were in a bad way, but how you have pointed it out really drives the point home.

Also, you are undoubtedly right about how this is happening throughout the USA. Probably going to start seeing more stories like this one popping up.

Talk about your wake-up calls. How could it have reached this point? Makes one wonder how we're going to find our way out of this collective mess.



posted on Jun, 22 2011 @ 11:35 AM
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Have no fear Chicagonians for Rhambo is here!!!! He'll save you no need to worry everybody go back to sleep now. K Bah



posted on Jun, 22 2011 @ 12:22 PM
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reply to post by Vitchilo
 


Well this is what happens when you put everything on a credit card and restrict individual freedom to the point that only government can be relied on to do anything.

If people start rioting because they're no longer getting their goodies(remember a lot of this crap is brought about by the people of those states voting on it like in California) then I will be right there to make sure those animals don't enter my neighborhood or my city with their crap.

And if the revolution fetishists start making noise and trying to murder people they don't agree with I and a bunch of guys in digital camo will be there to stop 'em. I'm not kidding. I'm tired of this entitlement BS. Everyone wants to throw a damned tantrum because they're not getting their goodies from government paid for by the productive in this country who are too busy trying to make it, live life, and do right by their families to have revolution fetishists and socialist rioters destroy their livelihoods because they can't extort more money from them.

It's getting old.



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