CHICAGO – Wirepoints writers Ted Dabrowski and John Klingner write Monday that we may never know why Rahm Emanuel decided to drop out of the Chicago mayoral race. They criticize the Chicago media for giving the mayor a pass, and speculating he was afraid of losing.
But Dabrowski and Klingner say there’s a far more likely reason for Emanuel not seeking another term. Chicago's financial situation is on the verge of implosion, and Emanuel doesn't want to be at the helm when it happens.
Wirepoints writes about a city that has had Democrats in control for nine decades:
Chicago’s financials are dire and the city has no plan and no reserves to survive an inevitable recession. In fact, the city has barely kept its head above the water despite a decade of national economic growth. Chicago Public Schools was already at the brink of bankruptcy just one year ago.
Rahm knows the risks of collapse are rising. He’s passed property tax hikes, emptied the reserves and employed every budget trick he can to make the numbers “better.” He’s even sold off public assets – the city’s future sales tax revenues – to “shore up” the city’s finances, and yet Chicago is still junk rated by Moody’s.
Read more HERE.
And less those outside of Chicago thinks this won't effect them, think again, because when Chicago topples, financial dominoes will tumble throughout the state …