Cook County’s Treasurer has created a website where citizens can find out how far in the hole their governments are. They are all so far in debt that future taxpayers will lose their homes, she says.
“In May, 2012, the collective debt reported by the local primary taxing agencies in Cook County was more than $140 billion! To put that in context, the total debt-per-household in the City of Chicago was $87,720, and $35,774 in the suburbs. Since local governments cannot print money, they rely on property taxes as their main revenue source to operate.
Homeowners might be able to give their homes to their children, but that future generation won’t be able to afford to keep them because of the property taxes, which have doubled over a 10-year period.”
Nonsense. Voters will simply tell the town councils to declare bankruptcy. The elected officials will do this.
When it’s a showdown between voters and ex-unionized pensioners, the pensioners will lose.
She never mentions this, but it’s obvious.
The union members who worked all their lives for less money in order to collect fat pensions will get stiffed.
How many votes do the unions have? Not many.
Will voters sacrifice their homes to pay off old city debts? Not a chance.
Will bondholders get stiffed? Of course. How many votes do out-of-town bondholders have locally?
The Great Default is coming. Be prepared.