Wednesday, June 22, 2011

Does Anyone With Half a Brain Actually Think We Can Pay All of This Government Debt?

This piece comes via Chicago. Another moonbat stronghold. Chicago residents owe some 65 grand just in local taxes. That ain't the state share, or the Fed's 125k share- this is just local taxes...Cook taxpayers owe $108 billion, county Treasurer Pappas says: Greg Hinz Posted by Ann W. at 6/21/2011 9:44 AM CDT on Chicago Business 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. (The total may be even worse. Click here for an update.) Read more: Stay on top of Chicago business with our free daily e-newsletters

I guess the big question is... Are they just going to bleed us to death for years or buck up and claim bankruptcy us the slow death?

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