Chicago Bond Rating Reduced to Practically Junk

What happens when liberal Democrats run things for too long?  A financial mess is usually the result.

We have seen Detroit...now let's watch Chicago.

Moody's downgrades Chicago's rating to 2 levels above junk, citing $20 billion pension debt

CHICAGO –  Moody's Investors Service has downgraded Chicago's credit rating to two levels above junk status, citing the city's $20 billion mountain of unfunded pension liabilities.

The agency said Friday that it lowered the rating on $8.3 billion in general obligation debt from Baa1 to Baa2. Moody's also maintained its negative outlook for Chicago, indicating another downgrade could occur even if recent efforts to address the city's pension problems survive legal challenges.

"Regardless of outcome of the legal challenges to pension reforms, we expect Chicago's unfunded pension liabilities — and the costs of servicing those liabilities — to continue to grow, placing significant strain on the city's financial operations," Moody's said.

The announcement thrust the pension issue back to the center of Chicago's mayoral campaign. Mayor Rahm Emanuel faces Cook County Commissioner Jesus Garcia in an April 7 runoff after failing to get enough votes for an outright win on Tuesday despite millions of dollars in campaign funds and support from business leaders.

Emanuel's office also sought to cast Moody's as out of step, noting that other ratings services reaffirmed Chicago's bond rating.

Chicago has the worst-funded pension system of any major U.S. city, with a roughly $20 billion hole in four accounts. Legislation approved last year seeks to eliminate a $9.4 billion shortfall in two of those pension systems by cutting benefits and increasing contributions for both the city and employees.

Here;  http://www.foxbusiness.com/markets/2015/02/28/moody-downgrades-chicago-rating-to-2-levels-above-junk-citing-20-billion/

Friends, please don't get hung up in the Democrat vs. Republican dramas that play out constantly. They have both had (we have all had) a hand in leading this nation into financial disrepute.  A political party IS NOT going to save this nation.  Only a revival of the Holy Spirit, faith in Christ and continued support of Israel will prolong the collapse that is certainly coming.

However, we have no doubt that Apostle Paul would be a CONSERVATIVE were he in America today.

"If a man won't work, he shouldn't eat." says Paul.

Opposing Paul would be a liberal who says, "If a man won't work, he still needs food, clothing, housing, healthcare, cable TV, cell phone and decent transportation...and it's governments job to give him those necessities he is entitled to!"

When asked HOW they would like to pay for all these freebies they FEEL so strongly about, they say, "We will tax people who do choose to work, tax business that is profitable and BORROW the rest!  How can you Neo-Cons always insist on putting a price on FEELINGS?!  Feelings are priceless!!"

Sadly, many people who call themselves Christians have bought into the lie that they will earn a better spot in heaven if they do good things for others WITHOUT EVER DREAMING of doing those things in the name of Christ and telling the recipients about salvation through Christ.

"Dennis, I would never dream of telling people about Jesus while working at the community food shelf.  They might be good Muslims, Buddhists or atheists just choosing a different path to heaven....and who am I to judge?"

"Because you are LUKEWARM I am about to spit you out!" says Jesus.