Monday, December 17, 2007

Is Chicago City Govt bankrupt? Probably

When the solution to every problem is "raise taxes" and citizens have the freedom move to another, lower taxed, city then its just a matter of time.

Link

After reviewing Cook County's proposed 2008 budget in detail at the newspaper's request, several of these experienced corporate managers agreed that the basic problem is in the approach.

No way would a responsible enterprise merely pick up last year's budget and expand on it, as they perceive the county doing. A sound budget review involves justifying every expenditure every year, they said. That requires detailed financial information and a more accurate projection of long-term trends than the county generates, they said. Only then is it possible to cut low-priority personnel and programs while expanding the most vital services.