Chicago Mayor Rahm Emanuel believes you can tax your way to prosperity.
Emanuel, a confidant of President Obama, won a second term as mayor in February.
Now he wants a $543,000,000.00 increase on Chicago property taxes in the face of a $745,000,000 budget shortfall and the chance that retired policemen and firefighters won’t get their pensions.
Like Oklahoma, Chicago politicians for years won re-election by promising big pensions for government workers but didn’t set aside sufficient funds to back up those promises.
They “kicked the can down the road.”
Now, it’s time to pay up and there is no money.
Emanuel, whose fiscal policies are clearly as catastrophic as Obama’s federal policies, said Chicago has to have giant property tax increases or be forced to cut its general budget. That means the layoffs of 20 percent of the police, closing almost 50 fire stations and laying off 40 percent of the city’s firefighters.
This is a picture of what the country will look like when Obama leaves office, saddling America with $18,000,000,000,000.00-plus in national debt.
And Emanuel, who “never lets a good crisis go to waste,” is crying that the only answer is a tax increase. Without a property tax increase, Chicago would become “unlivable,” he said.
Besides property taxes, Emanuel wants a taxi surcharge ($48,000,000.00) and a garbage hike of about $10 a month ($62,700,000.00).
This is what happens when government overpromises, overspends and then overtaxes.
In the meantime, Chicago’s credit rating has been slashed by Moody’s Investors Service. That is going to cost Chicago a lot in added interest because the city owes hundreds of millions of dollars in bonds.
That stink you smell is a federal bailout from Emanuel’s pal, Obama.