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In The Press

The Chicago Tribune

11 questions for Emanuel about a massive debt play

Governments borrow to finance long-term assets, like highways and sewers, that benefit citizens for decades. Isn’t this scheme instead like taking out a mortgage to cover a debt at the supermarket for groceries consumed years ago?

Credit specialists at Municipal Market Analytics say these bonds “seem particularly ill-suited for Chicago” and its recovery plan, which assumes “gradual but steady economic growth with no material downside surprises over a long period of time.” Why increase Chicagoans’ vulnerability to “downside surprises”?

Tim Holler