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I don't know if the term is as long, but the toll roads being constructed today also include a 'minimum revenue' guarantee by the state governments. It's not j

I don't know if the term is as long, but the toll roads being constructed today also include a 'minimum revenue' guarantee by the state governments. It's not just Chicago that's robbing tax payers blind, they've just done it long enough to be effectively insolvent.

alistairSH 3y ago
Yep. The “Lexus Lanes” around DC are like this. Usually they’re international companies, so in some ways worse than just “Wall St”. I know we get the government we deserve, but holt shot it’s infuriating for roads to be outsourced this way.
one_level_deep2 3y ago
Please explain how Chicago is "effectively insolvent."
- pchristensen 3y ago
  The taxes are already high, the population is decreasing, and that's not counting enormous pension underfunding at the city and state level. There has been lots written about this for decades, during which the problems got worse. See e.g. https://www.chicagofed.org/publications/chicago-fed-letter/2017/379 https://www.chicagofed.org/publications/chicago-fed-letter/2...
  - one_level_deep2 3y ago
    None of those prove “effectively insolvent” and most are false, anyways. Chicago population grew according to 2020 census. Then the Census Bureau acknowledged that was undercounted. Any "news" on this is likely using the admittedly bad calculations to push a narrative. [1] Taxes aren’t particularly high for a city. There is no city income tax and property taxes aren’t in the top 10. [2] The pensions are absolutely an issue, but huge progress has been made in the past 5 years and they are making actuarial payments as of now. They got a bond rating upgrade recently and are solidly investment grade. "On October 21, 2022, Fitch Ratings upgraded the City of Chicago's general obligation bonds from BBB- to BBB. This was Fitch's first upgrade of Chicago general obligation bonds in 25 years due to the City's improved financial condition, rather than a change in the rating agency's methodology." [3] [1] https://www.nbcchicago.com/news/local/illinois-undercounted-in-2020-census-actually-grew-to-13-million-the-states-largest-population-ever/2837753/ https://www.nbcchicago.com/news/local/illinois-undercounted-... [2] https://learn.roofstock.com/blog/cities-with-highest-property-taxes https://learn.roofstock.com/blog/cities-with-highest-propert... [3] https://www.civicfed.org/civic-federation/blog/chicagos-recent-rating-upgrades#:~:text=On%20October%2021%2C%202022%2C%20Fitch,in%20the%20rating%20agency's%20methodology https://www.civicfed.org/civic-federation/blog/chicagos-rece....
    - pchristensen 3y ago
      That’s actually encouraging. I haven’t followed as closely since I moved out a decade ago.

alistairSH 3y ago

Yep. The “Lexus Lanes” around DC are like this. Usually they’re international companies, so in some ways worse than just “Wall St”. I know we get the government we deserve, but holt shot it’s infuriating for roads to be outsourced this way.

one_level_deep2 3y ago

Please explain how Chicago is "effectively insolvent."

pchristensen 3y ago
The taxes are already high, the population is decreasing, and that's not counting enormous pension underfunding at the city and state level. There has been lots written about this for decades, during which the problems got worse. See e.g. https://www.chicagofed.org/publications/chicago-fed-letter/2017/379 https://www.chicagofed.org/publications/chicago-fed-letter/2...
- one_level_deep2 3y ago
  None of those prove “effectively insolvent” and most are false, anyways. Chicago population grew according to 2020 census. Then the Census Bureau acknowledged that was undercounted. Any "news" on this is likely using the admittedly bad calculations to push a narrative. [1] Taxes aren’t particularly high for a city. There is no city income tax and property taxes aren’t in the top 10. [2] The pensions are absolutely an issue, but huge progress has been made in the past 5 years and they are making actuarial payments as of now. They got a bond rating upgrade recently and are solidly investment grade. "On October 21, 2022, Fitch Ratings upgraded the City of Chicago's general obligation bonds from BBB- to BBB. This was Fitch's first upgrade of Chicago general obligation bonds in 25 years due to the City's improved financial condition, rather than a change in the rating agency's methodology." [3] [1] https://www.nbcchicago.com/news/local/illinois-undercounted-in-2020-census-actually-grew-to-13-million-the-states-largest-population-ever/2837753/ https://www.nbcchicago.com/news/local/illinois-undercounted-... [2] https://learn.roofstock.com/blog/cities-with-highest-property-taxes https://learn.roofstock.com/blog/cities-with-highest-propert... [3] https://www.civicfed.org/civic-federation/blog/chicagos-recent-rating-upgrades#:~:text=On%20October%2021%2C%202022%2C%20Fitch,in%20the%20rating%20agency's%20methodology https://www.civicfed.org/civic-federation/blog/chicagos-rece....
  - pchristensen 3y ago
    That’s actually encouraging. I haven’t followed as closely since I moved out a decade ago.