S&P Downgrades Chicago Bonds – City To Be Renamed “New Detroit”

Incoming White House Chief of Staff Rahm Emanuel gestures prior to inauguration ceremony of Barack Obama as President of the United States in Washington

Chicago’s bond rating took a hit today as S&P changed their outlook to negative!

Chicago’s looming pension crisis — and the $1 billion shortfall it creates in 2015 — has prompted Standard & Poor’s to change from stable to negative the outlook on Chicago’s A-plus general obligation bond rating.

Curious, those looming pension obligations, are they for public sector UNIONS?

I blame Bush and local Republican leaders who’ve been running Chicago into the ground for decades. Oh…wait.

Chicago might as well rename itself New Detroit, because Democrats and their union partners are going to kill this great American city too.

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