Moody’s has downgraded the rating of the debt of the City of Chicago to “junk”.
This triggers all sorts of crazy swap termination fees, accelerated payments, and the like. The damage of the downgrade is in the billions of dollars.
The City of Chicago has been in a death spiral for a while now, and I think it is probably time to just go all “Detroit” and get it over with. The bondholders will get a haircut, as well as the pension funds and everybody else.
But that aside, here is yet another case where if the Republicans were smart, they could simply run on a “we’re not them” platform. Every single thing that has happened in Chicago has come under the Democrats’ watch. There is no way out for them. They created it, they participated in it, and they kicked the can down the road for the current generation to watch it all implode.
I have written about this before, but either the Republicans are too nice, or don’t care. It is so easy to put this at the Donks’ doorstep. I just don’t understand why the Republicans don’t do it.
This implosion of a once great city is disgusting and should be front page news. But it isn’t.