5:08 PM, Jul 1, 2015 • By GEOFFREY NORMAN
One reads of the crisis in Greece. And the one much closer to home in Puerto Rico. The crisis, that is, that inevitably comes after spending too much and taking on more debt than it is possible even to service, much less pay down. One thinks of how unfortunate it is for the people who will now redeem with pain, the promises made by the politicians of previous generations. And then, gives thanks that it can’t happen here.
Except … remember Detroit which once had the highest per-capita income of any American city and was obliged, not so long ago, to declare bankruptcy. And now, some early signs of distress in Chicago. As Bill Ruthhart and Heather Gillers of the Chicago Tribune report:
Chicago Public Schools officials warned Wednesday that without relief from their next massive pension contribution, they would have to make $500 million in additional cuts in the coming year, on top of looming cuts they say will be caused by this year's pension payment.
The inevitable crisis was deferred as:
The district has more than $1.1 billion in new short-term borrowing authority approved last week by the school board, on top of $500 million in authority it already had. But $700 million of the district's debt must be repaid by early October, with the rest due a year later.
That could lead to the district running out of cash to pay all its bills during the coming school year — unless there are significant education cuts, new revenue or a combination of the two.
As we have witnessed with the situation in Greece, when you hit that wall … you hit hard.
7:48 AM, Jun 10, 2015 • By DANIEL HALPER
First Lady Michelle Obama had some strong words for the graduating class of Martin Luther King Jr. Preparatory High School in Chicago, Illinois. She advised the class on how to get past "struggles."
The first lady's main point was "a lesson about how to get through those struggles, and that is, instead of letting your hardships and failures discourage or exhaust you, let them inspire you," as Obama said. "Let them make you even hungrier to succeed."
2:55 PM, Apr 28, 2015 • By DANIEL HALPER
The Baltimore Orioles will play tomorrow's baseball game at an empty stadium. It will be closed to the public due to ongoing riots in Baltimore.
The baseball team announced the unusual move in a press release:
The Orioles tweeted out the announcement:
A falling star in Chicago.Mar 23, 2015, Vol. 20, No. 27 • By JOSEPH EPSTEIN
Difficult, they say, to pass a family business on to the third generation. Proof of this assertion is the business known as the City of Chicago, run by the Daley family for two generations but now turned over to non-Irish carpetbaggers, with no future Daley in view.
11:34 AM, Mar 9, 2015 • By GEOFFREY NORMAN
Chicago Mayor Rahm Emanuel is removing some of the money-making traffic cameras from the city’s intersections.
9:03 PM, Feb 19, 2015 • By DANIEL HALPER
Former White House chief of staff Rahm Emanuel is up for reelection, and President Obama stopped by his campaign headquarters to praise his mayor.
6:38 AM, Oct 21, 2014 • By DANIEL HALPER
Last night at a Democratic fundraiser in Chicago, President Obama mentioned that there are some "unpaid bills" on his desk in Chicago--which he left when moved to the White House after winning the presidential election in 2008. Here's what he said:
Joseph Epstein; a fan's notes.Oct 13, 2014, Vol. 20, No. 05 • By JOSEPH EPSTEIN
Sometime in mid-February, after the long winter, baseball fans are delighted to read, usually over a two-paragraph-long story buried beneath the fold in the sports pages, the tag line Pitchers and Catchers Report. They are reporting, of course, to spring training two or three weeks ahead of the rest of their teams, and the announcement bodes the first news of the lengthy and leisurely baseball season ahead.
9:21 PM, Oct 1, 2014 • By DANIEL HALPER
President Obama has arrived in Chicago, where he'll spend the night before two public events in his hometown. The president did not travel with his family.
He's now dining out with top adviser Valerie Jarrett and various friends, according to the White House pool report. They're at the steak house RPM Steak, where a nice cut can cost up tp $155, according to the restaurant's website.
Here's what Obama has on tap in Chicago tomorrow, according to the White House:
1:32 PM, Jul 14, 2014 • By GEOFFREY NORMAN
One of the Democratic party’s most loyal and powerful interest groups is, evidently, falling out of love with the Obama administration. As Peter Sullivan of The Hill reports:
11:34 AM, May 11, 2014 • By DANIEL HALPER
Chicago mayor Rahm Emanuel might be in trouble. If a recent poll is to be believed, Rahm might have trouble getting reelected.
"Only one in five Chicago voters credit Mayor Rahm Emanuel with doing a better job of running the city than Richard M. Daley did, and only 29 percent would support him if the mayoral election were held today," the Chicago Sun-Times reports.
8:02 AM, May 7, 2014 • By DANIEL HALPER
Kristen McQueary, a member of the Chicago Tribune editorial board, has a devastating piece in her paper on Chicago mayor Rahm Emanuel. In short, the mayor--the former congressman and former chief of staff to President Obama--hasn't lived up to the bluster.
Nov 11, 2013, Vol. 19, No. 09 • By THE SCRAPBOOK
Believers in limited government and privatization lost one of their unsung heroes with the death of distinguished economist Ed Clarke on October 10. Clarke conceived of an idea he called revealed demand, a notion that helped make the case for having the market allocate goods and services formerly thought to be the sole province of governments.