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    The  city with big shoulders, has big debt. Will Chicago recover or go the way of Detroit. If Chicago fails expect many suburbs will fold like cheap suits.

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    I believe the media has blown this out of the water. I know that Chicago was downgraded on the S&P (that is, the funding for the schools -- bonds), but I do not believe that Chicago will end up like Detroit, MI. The Governor and Mayor (we have a run-off Mayor's race in April) will not allow this to happen. Maybe someone will come up with "creative financial" ideas (like Chuy Garcia) and save the City of Chicago from disgrace!

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    Illinois is too broke to be much help. It is an odd contrast, a city that is both vibrant and broke. From what I read, not the first bond rating downgrade.

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    Haha! Creative financing, love it!

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    You are correct it was not the first bond rating downgrade. However, I am an optimistic individual who believes that the city will pull through and will not end up like Detroit, MI.

    I hope other people from Chicago chime in here and post their thoughts/ideas or any creative financial ideas that you may want to share in this thread. Now, go! I'm going to proofread my last review for Dawali.

    Have a nice evening....going to watch The Good Wife...one of my favorite shows. Tootles everyone.

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    This is why I want Chuy to win the mayor's race. It would be like ripping the band aid off all at once instead of the slow financial bleed under Rahm. Chuy would drive Chicago into bankruptcy within a year, and real reform would be forced.

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    A fast BK and real reform, in a corrupt city?

    • 86 friends
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    Nothing terrifies Brad more than the idea of spending money.

    • 40 friends
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    True that. If only the city of Chicago were a tenth as frugal.

    • 40 friends
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    Another pro Hillary post analysis troll.

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    You, Steve, Harry, David, AG from the Bronx, trolls of a feather, flock together.

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    You can already buy 168 homes in Englewood for the going price of the median Lincoln Park home.

    • 92 friends
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    Anyone who has been to both Chicago and Detroit knows they are two totally different animals.  

    Chicago will never be Detroit.  Although I'd be happy if they transplanted the Middle Eastern spots in Dearborn here.  Kedzie Ave is just not even close.

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    I don't see how Chicago could ever become Detroit either.  Unless the whole Financial District including CBOE & CBOT decides to pick up and move to....Kane county???

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    ^ They've discussed moving to Houston. I sure hope it doesn't happen. That would be the beginning of the end for Chicago.

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    Dude, that article is 2 years old and yet we are still here.

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    And the Republicans know how to cut tax and spend a nation into ruin...

    • 71 friends
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    Double:

    And the population of Chicago has actually increased since the last census, not decreased.
    TM likes to mislead.

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    Your John Stoussel article seems to sort of be praising Rahm, Mr. Lebowski.  Either way, not sure holding up Sam Brownback and his economic ideas would fare any better in anyone's eyes.

    By the way, underfunded pension reform is a universal problem in this country.

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    Did you watch the last debate, Mr. Lebowski?

    Rahm said, to paraphrase, 'We can not solve this problem on the backs of the taxpayers.' & 'I do not plan to raise property taxes'.

    Obviously, at some point property taxes will go out but that will be the case almost anywhere that has property taxes.

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    Without reforms, can tax increases avoid Chicago's bankruptcy?

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    We just need a Federal Bailout like TMs industry got...And the auto makers...And NYC did a couple decades ago...Look at where NYC has gone since then!

    If we stopped giving money to places like Israel and Afghanistan, where they kill women in the street for NOT burning the Quran, then we could afford it...Or just maybe have 9 aircraft carriers...But its ridiculous to blame this all on Rahm or to think he's can fix the problem.

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    Mr. Lebowski you look a little less stupid when you only make up lies about yourself.  You may want to stick with that instead of making up stories about someone else.

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    Sure I am Mr. Lebowski.

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    TM:

    The US has 10 aircraft carriers...We could not have so many aircraft carriers and bail out places like Detroit or Chicago because it seemed to have done wonders for NYC....I mean the federal government already props up Red States with their Agricultural subsidies and Military Spending...Or we could just raise capital gains taxes on people like yourself!

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    The NYC bailout was accompanied with strict terms and conditions (drastic city spending cuts): en.wikipedia.org/wiki/Hi….

    Imagine the union whining if Chicago was bailed out today under a similar arrangement. The Toads of the city would flip their shit if the free ride train was derailed.

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    With the FED being 20 trillion in the whole, it's not in a good position to bail out Chicago. And what about all the other cities in financial ruin, should the FED bail them out as well?

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    They are baling out Israel, Pakistan, Egypt, Iraq, Afghanistan,etc...Why not helping Americans with that money??

    Pete:

    They still have unions in NYC.

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    Tm:

    But again, the Feds bail out red states run by bad republican policies too...Crop welfare. Imagine a state like Indiana without all that money coming in from Corn and Soybean subsidies...Or SC without cotton subsidies...Or Alaska without Military spending...

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    Josh and Pete P -- Great, funny and very entertaining (as usual).

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    It will take both reform (- programs and pensions) and raising taxes. It's a matter of which programs and who's taxes. Pensions are certainly going to take a hit.

    • 40 friends
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    The city  needs some serious union busting. Doubt it happens before bankruptcy.

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    You can expect hell to free but chicago will never announce Bky. The economy and financial dynamics here are way too diferent.

    • 40 friends
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    Lack  of  liquidity will force hands.

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    So late last week the Fitch credit agency downgraded the cps debt. This downgrade could trigger up to 263 million in penalties.  This for a district that already has a budget deficit of 1 billion dollars. We are reaching a point where the city can no longer borrow money and no longer pay the bills. People scoff at bankruptcy, but if you can't pay your bills and you can't borrow money. What's left?   The only possible way out is to have massive cuts to our spending and our debt. The only question is when and how that will work. There is no viable plan to pay what we owe.

    • 86 friends
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    Bankruptcy will happen when the city and city agencies have their debt downgraded so deep into junk territory they face credit card level interest rates on their next bond issues. This will finally force them to pay the piper, when they can't even afford to make interest payments on the debt anymore. Until this point, the Democratic Machine won't stop spending more and more money on frivolous shit like the Maggie Daley Park and DePaul's free new basketball arena.

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    • 40 friends
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    McCormick Place?

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    • 646 friends
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    Property tax hikes just push the middle class to the suburbs- superior schools, money in pocket, longer commute. Cook county loses income taxes and then a new get rich scheme like LAZ or Ventra punts them further in the hole.

    I keep seeing friends who are doctors or lawyers pack up.

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    Good points Katarina, folks with the more income, may have less trouble moving. So tax increases may leave the city with a higher percentage of less wealthy people. Younger people on tighter budgets, may settle for boring suburbs when faced with higher rents.

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    The city needs more control over its future.  Wasn't Ventra pushed by Springfield to incorporate Metra users into a single payment platform?

    I think we can all agree LAZ was a very short sighted terrible deal for the city but I find it funny that suburban people, like Mr. Lebowski, don't mention the fact that city residents pay their teacher's pensions when they bag on Rahm and others for not fixing the CPS problem.

    Suburban property taxes would be increased if they had to fully fund their own pensions or if CPS teachers were included into the pool of state funds.

    There will always be a flow of young families leaving the city for more space and supposedly similar living, however, there continues to be a trend of people moving back to city centers as well.

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    Rauner, has enough problems with the states fiscal mess without getting too involved with Chicago's problems. Doubt Michael Madigan allows him to do much with union problem.

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    Economic:

    Chicago, or the region, represents half of the states population...You can't simply ignore it. Plus, he's a Republican, I thought they were experts at finance and shrinking government (wink wink).

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    The people of the state of IL elected Rauaner to deal with IL problems, not Chicago problems. Everyone knows Madigan has been the one running IL for decades, not the jailed governors. Best case, Rauner use his limited power to gain Madigan support on some fiscal problems, other wise he will get virtually nothing done as governor. Public employee unions are like a piggy bank, for the DEMS running IL, and it is a big problem.

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    Yet people want to elect the union labor label "Chuy" for mayor?

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    Madigan received over a million dollars from public employee unions as they drove the state into insolvency.

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    You mean the Democrats?

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    They have been at the reigns for several grueling years..Great move dropping the income tax..lol

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    Yeah Bobby, the DEMS. Though Madigan rules with an iron thumb, generally votes occur according to his command. And just so there is no misunderstanding about who is really in charge, he usually makes new GOV S wait 4 months before meeting with them.

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    BTW, I agree that Madigan is the one calling the shots, and has all the political power. Yes, he does run the State of Illinois. They may have a new Governor in Springfield, but Madigan pulls the strings of all the politician "puppets" in Springfield, IL (including the new Governor).

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    Now rumored, That Chuy may opt for a City Income Tax.....Shades of Ogilvie??????????.

    • 308 friends
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    yes...it beats a property tax. I think New York has one. Good

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    DC, has like a 8.5 % employment tax. It is graduated, still really steep.

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    That's why only government agencies, contractors and lobbyists actually have offices in DC. Who else wants to pay such high taxes for a city who's municipal government is more dysfunctional then that of most third world countries?

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    The DC tax is effectively a state tax.  They also have a 5.75% sales tax compared to our 9.75% tax. You have to really look at all taxes together

    • 40 friends
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    If you work in DC, and live in VA, you save about 2.5% on your payroll  taxes.

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    TM, Dude you feeling okay? You just endorsed a Democrat ticket...

    • 288 friends
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    • 288 friends
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    :-) o park is a great place. If I had kids I'd probably go there. Great HS.

    • 40 friends
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    If Chicago taxes people that live in the suburbs, and work in the city it could hurt suburban property values.  
    If the city raises sales tax, that could send some $ out to the suburbs. Costco in Oakbrook, tax is .50 less than Costco Bolingbrook. While maybe not enough to steer most folks to one Costco over another, some will drive out of their way to save a 1/2 cent.

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    Mmxv is accurate.

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    We'll have to wait to find out WHO becomes Mayor of Chicago, and whether or not Chicago will or will not become like Detroit. Stay tuned everyone. Then, let's discuss it further on this thread.

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    With Chicago having a City Income Tax???????, Atop a property tax??????????.

    Get out of here!!!!, And that's the way it would probably be, Knowing this is Chicago........

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    Chicago is the next Detroit. Nothing is made here and nearly all jobs outside the service industry, local govt and infrastructure are on life support. Who would open a business here? No one outside the occasional restaurant. Look at all the empty retail and industrial space its sad and foreboding. The answer is no one. Crazy taxes, shitty schools and bad weather. Sad but true.

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    If was more complicated than that. It was a perfect storm of events. With that said Chicago is very capable of following the same footsteps. These are a couple abbreviated articles that voice one view of the series of events that put Detroit into a head spin that it is not likely to recover from in our lifetimes.:
    m.townhall.com/columnist…
    washingtonpost.com/opini…

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    The armchair definition of insanity is doing the same thing over and over again despite it's extremely negative consequences. I wish I could be more optimistic, but I have seen absolutely nothing from Chicago governance that leads me to believe they are capable of even embracing the gravity of their situation, let alone taking any type of corrective action.

    Machine politics died out in most of the US in the 1950's, but Chicago remains stuck in the stone age. It will likely lead to it's undoing.

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    Chicago's single biggest problem is that there is no political will to actually solve their financial problems. None. Everybody just wants to kick the can down the road a little more.

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Most Recent Posts

    • 35 friends
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    The HELL he should.......

  1. jump in your 250 and head on down

    • 18 friends
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    So Illinois mandates higher for industrial accidents. Not only amazing, thats great!
    Here's a site where you can price the loss of a limb by state:
    propublica.org/article/h…

    • 35 friends
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    You're not the one that wore that infamous " I ****** Tom Brady" T-shirt some rotund odd one was wearing????????, No, The guy is probably an StL Reds (Blues) fan...........

    • 18 friends
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    Kansas' experiment in conservative economics still a bust
    chicagotribune.com/news/…

    • 18 friends
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    give the experiment a little more time and they'll get there.

    • 92 friends
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    T.M. - So what are you just ignoring a situation because it completely disproves your worldview?

    Or is more that the Rightwing news sources you get your information from refuse to cover it?

    • 18 friends
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    KS is the GOP model for the rest of the country. Low taxes for the resident Kochs while ruining budget surplus, schools and job creation

    • 86 friends
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    Given Brownback's current approval numbers, I don't exactly see other governors racing to imitate him.

    • 288 friends
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    • 35 friends
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    With Pate' getting goo goo over it??????....

    • 308 friends
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    Great article Jamie

    • 18 friends
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    Yes, great article Jamie:
    "What predicts violent crime rates is concentrated poverty and neighborhood disadvantage, and what determines concentrated poverty is high levels of black segregation combined with high levels of black poverty,"

    • 86 friends
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    Translation: it's all whitey's fault!

    • 18 friends
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    Properties in Chicago had restrictive covenants in the deeds until the 1940s.. Whitey couldnt sell to a black family. The segregated areas are a products of hsitory.

    • 308 friends
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    You can also read the article that blacks cannot lift themselves up and somehow need whites...I appreciated the outlook on crime and how and who is perpetrating it. The black leaders are that in name only.

    • 18 friends
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    Is Chicago really the best city to invest in a startup?
    chicagotribune.com/blues…

    • 0 friends
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    invest in both if you like craft beer and urban gardens

    • 21 friends
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    Yes our 14 wins for vc funded startups statistically is better than silicon valleys 153 wins....

    • 18 friends
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    Of course silicon valley is going to have more startups than Chicago and possibly any place in the world. The article was pointing out that Chicago startups had a much greater rate of return.

    • 21 friends
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    Wait if Chicago is the best place to invest in a startup why would silicon valley have twenty TIMES the number of startups?

    It's a bs stat pretty close to click bait

    • 18 friends
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    Source of data is not quite clickbait: PitchBook Data, Inc. is a SaaS company that conducts research into investments and sells that research and the data it acquires to those interested in private equity, venture capital deals, and M&A transactions. It is based in Seattle, Washington, with regional offices in London and New York City.

    • 35 friends
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    I could now see the slant.........Forget it if La Shawn became the hizzoner.........

    • 21 friends
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    After last years's 13% average property tax hike, (not to mention the new fees for garbage, the cloud tax, the $1.40/month tax for all phone lines) the democrats are proceeding with their tax and spend plan....

    1) they will raise property taxes for schools by the maximum legally allowed limit
    2) they will implement a new 250 million dollar property tax increases
    3) they will add year two of last years massive property tax increase (it ramps up over 4 years)
    4) they want to add a massive water and sewer fee hike.
    5) they will raise propert taxes the maximum legal limit for capital improvements.

    Oh and they are putting together a 1.5 billion dollar line of credit to borrow more money at really high interest rates....

    When are people going to wake up?

    • 308 friends
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    Phil. Its time to pay up.

    • 308 friends
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    The areas that abuse city services need to pony up. There are areas in the city that use the most services and pay the least in taxes.

    • 86 friends
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    The city should put a higher tax on blunts and grape drank.

    • 18 friends
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    I like Bobby's idea about charging for using police services. Libertarians would approve. Kind of like fire departments charge you for a fire emergency in some place in the country.

    • 308 friends
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    Take notice of how the black caucus did not want the garbage removal fee to be set/fixed rate on each parcel/property but instead tried to get the fee to be a percentage of your property value. Lol. Hmmm. Too funny. Their wards sponge all the services yet they do not want to pay a fair share. More of the same.

    • 18 friends
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    It may be fair after all. People who pay higher property taxes have higher disposable incomes and create more garbage?

    • 86 friends
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    Somehow I doubt it. Plus, how much garbage produced by the underclass actually goes into their own garbage can? Most goes directly into the street and sidewalks.

    • 18 friends
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    Think of a widow living in a modest home vs a family in a mcmansion in lincloln park. i think property taxes would correlate well with garbage produced.

    • 86 friends
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    How about a family with 8 kids in a 2 bedroom house? Think they produce much garbage? Besides, its not a volume-based system. Charge whatever, but make sure the freeloaders pay.

    • 18 friends
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    The family with the 8 kids is a 2 bd house because of income. THey dont have the disposable income to buy a lot of shit and make trash.

    • 86 friends
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    Diapers make a lot of trash.

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    Nobody forced the family in the 2 bedroom house to have 8 kids

    • 308 friends
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    My observation is in those areas, trash never makes it to the can. It is strewn everywhere.

    • 72 friends
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    So much better to have monies than not.

    • 308 friends
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    True. But cleanliness can be damn near free.

    • 72 friends
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    I love cleaning.

    • 48 friends
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    Apparently white people being shot by blacks no longer matters in Chicago. Where is the outrage and media attention about this murder?
    cwbchicago.com/2016/08/e…

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    • 86 friends
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    The lakefront north side neighborhoods have to have their own crime blogs to report the enormous amount of violent crime committed by "outsiders" that goes mostly unreported by the media.

    • 71 friends
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    Josh:

    But what was he really doing there?? That place has high drug activity so I assume he got what he had coming....oh wait, he was white?? Never mind...

    • 86 friends
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    The "activists" in that article could not be more ignorant if they tried. I love how they so obviously contradict themselves within the span of just one story. It's the fault of the police they are oppressed, and the fault of the police they kill each other so much.

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    Just ME:

    Name the names of all the black kids that got shot this week...

    • 308 friends
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    John..name their fathers

    • 72 friends
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    Everyone needs to step up and take responsibility for their actions.

    Black people need to get their shit together in their hoods.  One generation must sacrifice for the survival of the next.  And stop fucking killing people.  In fact, stop coming to my hood and stealing.

    And you White people?   Yes, Black hood rats and thugs get what they deserve and should take responsibility for their actions, but if you really think systemic and institutional racism and everyday subversive bias doesn't exist, you really are a dumbass cracker.  

    And faggots?  Use goddam condoms.  I didn't wear all those "Silence=Death" t-shirts for nothin'.

    Get it together or fuck off.  No one owes you anything.

    Now whoever the fuck can now flag this for my profanity, racism, and homophobia.

    • 72 friends
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    JME: If I hear the phrase "safe space" I'm gonna walk into the street and kill the first person I see.

    And you're a White Faggot.  But also kinda Black.  'Cuz you can dance. 'Cuz you're gay.

    ;)

    • 71 friends
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    Wow, "faggots"...what's next Polacks??

    • 86 friends
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    Emann, before your account gets deleted can you please tell us: when and where will your next stand-up show be? That's some funny shit, man!

    You do have a stand-up show, I hope?

    • 161 friends
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    Good shit though Emann, don't stop. The mods appreciate truth telling mo betta these days.
    I'm confused too Just Me but good company.

    • 21 friends
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    Well the federal plan for the pensions is starting to take shape... if the pension fund is less than 50% funded...

    "The plans would be restructured so that pension benefits would commence at age 65 no matter when an employee retires. There would be a cap on overall public employment pension benefits of 150 percent of the local median income -- no more automatic cost-of-living adjustments. Such changes would protect those with modest pensions and eliminate the windfalls that some retirees receive from the current generous provisions."

    So the pensions would be capped at 91k - and not start until the retiree is 65 years old...That should cut down on the costs....

    • 86 friends
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    Hopefully that gets rammed into place federally, so the Madigan-appointed state Supreme Court can't do shit to stop it.

    • 18 friends
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    Is the GOP the soltution? We've seen how it worked out in Kansas when the GOP gives orders. lolz

    • 21 friends
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    Hmmm Indiana, Wisconsin...all those successes....

    Anyway back to our state..... the longer we wait for reform the less that people will get.... its pretty simple...

    • 35 friends
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    Which could be next......

    • 40 friends
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    DuPage tax bills also really stable, mostly local school district issues that effect property tax bills.

    • 35 friends
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    I would probably be concerned if it were Addison, Bensenville. Maybe West Chicago, Villa Park. But eventually......Elmhurst, Lombard & Maybe even Naperville.......

    • 89 friends
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    Wood Dale and Pate??????

    • 35 friends
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    Maybe that one too, Eventually.....But probably on a slower basis.......

    • 40 friends
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    All of the less stable areas of DuPage, that you mention are border areas. The County as a whole is very pretty solid. Elmhurst, Oak Brook, Hinsdale, Clarendon Hills, Burr Ridge, Downers Grove, North Naperville, Wheaton, Glen Ellyn, and Lombard, all still very nice places to live.

    • 40 friends
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    The schools are not as impressive as when my children were in school, however I appreciate the diligent effort of board members to deal with issues as they arise. The schools face a lot of challenges now that they didn't 20 years ago.

    • 40 friends
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    OP, with few exceptions has very good schools. Expect where u get hammered on taxes, the property value is higher due to the school quality to offset it. Not, excusing Crook County.

  2. Yes but where do you lean Socially?

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