Chicago's Debt Disaster

[@rationalguy2941]

"People are moving away because of high taxes. How do you think we can address this issue?" "Add more taxes".

[@jeroenmertens2407]

Hey hey, "you can right it off your federal taxes" see, its not that bad!................ for them...

[@redeye8526]

hahaha try explaining that to these morons. speak with any sort of logic in this city and they bark racist and greedy.

[@smartyyoung7319]

That's not wrong if you want to keep the level of tax revenues.

[@DarthRadical]

@@jeroenmertens2407 You could when this was shot, but now they likely can't even do that with the max SALT deduction in place since 2018.

[@lesse4692]

This is the european logic

[@robertbullard3324]

I'm not going to Chicago anymore. I parked for 2hrs and it cost me $21.00.

[@alexp3752]

Not to mention the 10.5% sales tax!

[@jamesrobbins3566]

Good place to visit, awful place to live.

[@likesowls52]

about the same for Boston - that is if you finally make it there through the heavy congestion and potholes on side streets

[@muneebbasit8519]

@@alexp3752 sales tax on parking fee? wth...

[@terrytrice8584]

Fleecing of Americans by guess who got a good tax deal with kickbacks?

[@mattiOTX]

I'm amazed he never answered what he would cut

[@carlosguida3246]

6 plyrich the

[@MrThenry1988]

6 plyrich. Don't be. They never do.

[@kvogel9245]

6 plyrich LOL, I'm 62, and no Democrat in my lifetime has had any idea other than "raise taxes".

[@gregoryeverson741]

K Vogel well here is a clue, Republicans cut taxes, and then its raised on the local level to pay for rich people, your fucking stupid

[@Sasq420]

You're amazed a politician never gave an answer? You new to this or...?

[@EternallyRound]

New sources of revenue? !!! Chicago doesn't have an income problem, but an outgo problem.

[@whydotheathensrage]

The PIG poly-tics call raising taxes "revenue" fucking crooks!

[@phillhuddleston9445]

Which will lead to a bad outcome.

[@thebusterdog6358]

Yeah, and most of the out go is going into the pockets of the corrupt SOB'S that are intrusted to spend the money wisely. That city with all their taxes has plenty of money to operate and pay It's bills just fine. Don't believe otherwise. The problem is It's run by typical tax and spend Democrats. 30% of the income generated per year by the City of Chicago goes to payola and graft. Everybody gets rich except those that need it the most. I'd give Chicago another 5 years before it's in the same boat as Detroit, Cleveland, St. Louis, and Baltimore. Just another failed rustbelt cesspool. And if you think it's violent now, just wait until they miss a couple of welfare or pension checks. lol

[@ramonnunez3756]

I was living in chicago 6 year's ago, and one thing I noticed was to many people working for the city especially street and sanitary. There were 6 employee's digging a hole 6 standing around and one was digging. That was way too many people for the project.

[@2-old-Forthischet]

I worked for a LARGE telecom company for 35 years. Just prior to retirement, I asked the human resources department if the pension was guaranteed for life. They answered no, so I opted for the cash buy out which in life expectancy was much lower but at least it was under my control. I've been retired over ten years now and doing well.

[@lbuday]

Abunai One put some money in high divident stocks PnG, CocaCola...

[@alberoDiSpazio]

Municipal bonds? .jk.

[@dominick253]

Bravo I wish I could take my a portion of my social security and invest it into my IRA. I'd get a much better ROI.

[@fixeddice1982]

@@dominick253 I wish I could do the same. My ROI will be zero for social security. It won't exist. I wish politicians would bite the bullet and tell everybody "social security is failed. You must continue to contribute because the elderly that rely on it have no other means. Anyone over 50 will receive as expected and anybody under 50 will receive nothing. No new dependents will be added to the SS rolls from this time forward". In 40 years the whole SS mess would be cleared up. It's going to happen, SS is failed, the only question is how far, how deep in debt, how many people on the rolls will they allow, before it all collapses under the weight?

[@davidsummit9851]

Give a child a silver coin today

[@kevinbender6153]

The insanity of the left. Entirely more concerned about raising revenue(raising taxes) and not concerning with proper budgeting. It's like that here in Oregon too. Madness.

[@davester1970]

Telling a leftist to cut the budget is lot like telling a shopaholic to cut up their credit cards.

[@Absaalookemensch]

Insanity? That's the best they can do.

[@kvogel9245]

Budget cuts don't lead to graft, so they're not interested.

[@ericbrett3095]

As a resident of Oregon I agree with you. The current governor is more interested in raising campaign money and LGBT causes then with the actual business of the state.

[@bmw803]

Why is the "taxpayer" responsible to pay for government worker's pensions? No wonder Americans are a bunch of irresponsible halfwits (financially). We've been babysat for decades. Let it go bankrupt. This is the only way this "reactive" society will get it.

[@analyzingfunny]

I drove for a mexican grocery store and visited a mexican warehouse. The owner CLEARS 30 million a year. He is moving his warehouse to Wisconsin. Chicago charges a 5 dollar "pallet tax".LOLOL Chicago is destroying itsself.

[@alexp3752]

Chicago will soon be known as the "City that doesn't work" as once you resort to taxing industrial pallets there will be no heavy industry.

[@bobd9116]

Glad he called him out, i'm from Chicago, its a mess

[@tomasgomez9925]

This is what happens when you spend money based on your feelings and not on basic economics...

[@MrThenry1988]

High dollar pensions for people who never created anything to get it. Bout right for government.

[@joshlewis575]

Kinda like banksters who make millions annually to create squat. Imagine getting a 80 100 million dollar pension for gambling with other people's money.

[@ProjectLDV]

@@joshlewis575 Then shrink govt so it can't give out goodies to cronies and allow the local markets to break up monopolies organically. Govt makes and enforces shit rules because we let them

[@Deacetis1991]

Follow a city crew around and see how much work they do through the day as well. They're cashing out on about 4 hrs of labor

[@JayWandersOut]

One thing you didn't mention was how when the employees retire and start receiving pension payments they move to a state with no state income tax.

[@cmonsense154]

They also get a 3% raise on their annual pension income we have the most pension millionaires in the nation

[@Deacetis1991]

They immediately start making nearly doubled and move somewhere with half the cost of living, then cry foul if you try to take it.

[@davester1970]

This former Mayoral candidate is talking out of his ass! On what planet does he live on where people who have money and businesses are going to stick around and allow themselves to be fleeced in higher taxes?

[@walterstrong6386]

Anybody who owns a business in Shitcago and has a lick of sense would sell ASAP and move to city run by sane people.

[@kvogel9245]

David Reynolds Planet Democrat.

[@dominick253]

They're already leaving. This is getting Crazy.

[@davids3915]

I grew up in Chicago and couldn't wait to get out, then I realized I needed to get out of Illinois and I will never move back.

[@johnjon1823]

Cut the freakin give-aways and forget the pensions - NOBODY else gets a pension

[@bmw803]

Pensions should be a INDIVIDUAL thing. Why you have to empty your pockets to pay someone else's pension?? THE FUCK!!!

[@joshlewis575]

Imagine being a police officer for 30 years n not getting what you paid into. That's some bullshit to the highest magnitude

[@vazjc]

The problem is giving people a pension once they start working and guaranteed. Stop guaranting pensions. That's why the local politicians only hire their own family for jobs. This is what needs to be disallowed.

[@DanStratocaster1]

I did the math on his “commuter tax”. He wants to charge people $10 a week for a commuter tax. $10 a week now $20 a week next year. The next year you KNOW they’ll raise it every year. $30 a week to the year after that..... It will never end

[@cryingdove0]

This is why I'm leaving Illinois. I work in Chicago and I'm sick of this nonsense. It's time to get out now.

[@Paul54WH]

Mayor candidate Fioretti says, "In my eight years on city council, I always talked about how we should have cut the budget." Great work, Bob. Vote yourself a raise.

[@thebusterdog6358]

I saw the writing on the wall in 1976 and left the political corrupt cesspool city of Chicago. Moved to Florida and haven't looked back since. The taxes in Florida are a fraction of what I paid in Illinois. Sure I had to take a cut in pay but everything here is much less expensive. Instead of $70K per year starting salary for a teacher, they start at a much more reasonable $35K to $40K per year which in reality is what they're really worth. ( Them that can do, do. Them that can't do, teach). Over time they will make it to $70K, but it will be years. But when you factor in all the savings in cost of living, taxes etc it balances out. A house in Illinois which costs $500K and the annual property tax of $14K per year. That same house would cost $200K in Florida and less than $2K per year in property tax. No state income tax, no tax on grocerys, minimum sales tax of 6% etc. Way lower utility bills. Etc. This isn't saying we want you to move here though, we really don't want you and your liberal BS politics. LMFAO. Just saying, you have plenty of options to move somewhere else. Just accept the fact that you're going to have to knock a couple of zeros off your annual pay to do so. So stop your whining, get off your asses and do something. Or shut up and live with your grimy gray skyed 8 month long winter.

[@dannyturkian9083]

And Florida’s debt is going down every second according to debt clock

[@bsm6776]

Philly has a commuter tax and it does is drive out businesses to the suburbs

[@JazzAK6969]

This needs to be updated with what's going on in the city now. It's only gotten worse since this was published. Kind of like Stossel saw exactly what would happen.

[@DrCruel]

The Chicago's own fault. They should never have said "Beetlejuice" three times.

[@bsm6776]

Switch to 401k for all new hires. Most fair way to do it.

[@davester1970]

Many municipalities are doing just that or it is in proposal stages. They can see the handwriting on the wall that the current pension system is unsustainable.

[@bsm6776]

David Reynolds Feds did it in mid 1980's

[@wortheverymile3763]

Fred Rogers At least that would stop the bleeding!!!

[@bsm6776]

Worth every Mile yes and it's the most fair because new hires know what they're getting.

[@ItsGroundhogDay]

I'd like to drop social security into that as well. My money should be my money, not some bureaucrat's.

[@waaazupd1948]

Chicago is failing because of democratic policy, any state that has democratic policy will ultimately, you notice how sarcastic the guys laugh was when john stossel called out the failing democratic policy that chicago has implemented

[@Christof708]

I live in Chicago, I'm moving away next month. Y'all can keep the tax circus going without me.

[@alfredoalcantar8691]

chris corona Man I’m going to miss Chicago I do but not the politics

[@ranger082469]

decades under democrats what a shock I guess yall cant blame this one on trump

[@MattSmith-vl8zp]

They literally blame it all on Rauner

[@maxman4194]

madigan would be a better person to blame

[@be4unvme]

republicans would give those pensions funds to the rich directly

[@jamesrobbins3566]

@@be4unvme Shut up idiot dummycrap. Look what you've done to a once decent state.

[@virgilioblanco5374]

Nice blame game!! Tax cuts for the rich, what party give away more!? Stupid people see stupid everywhere! They dug a hole, now they need a ladder.

[@synon9m]

John thank you for dragging out that corpse and exposing the ridiculousness of left-wing politicians the way they talk in circles and nothing ever changes

[@1968dogg]

Typical politician double speak.

[@blades392]

Lanier H Raising revenue is just more taxes

[@bobsmith597]

blades392 all scam artists

[@huverdoose]

Double speak is a requisite requirement for politicians.

[@dronegressive7035]

When I was in Chicago, I always had to watch my back from gangs and police... I lived in Chicago for 10 years. Now, I've been in Texas for 14 years... Down here it is much more prosperous. The police is still decent and respectful... In Chicago, I was robbed many times by police.

[@alfredoalcantar8691]

DRONE GRESSIVE I beg to differ.Depends where you live in Texas also I live in San Antonio On the north west side the good side of town and I still get Car Theft

[@Yewon2001]

Man that democrat guy just looks like a sleazy politician. He literally reminds me of a mafia subordinate.

[@fajaradi1223]

Considering he is just placed 4th. Makes me wonder, how the 1st to the 3rd looks?

[@phukit5456]

Typical politician in Chicago. Look up Mike Madigan or Fast Eddie Vrydoliak-Legal Gangsterism at it's finest.Rham Emmanuel is the slickest.

[@thejunkmanlives]

"a failing city for people that dont have a connection to unions or government". sounds a lot like nyc to me.

[@larryarnemann7274]

Used to live there. Had a good chuckle when someone won state lottery. They wanted a one time payout and Illinois didn't have the $

[@makzee19]

Love you, John! You are one of my favorite people. Keep up the great work, and best of luck with this new part of your career!

[@arodgefan589]

It's always upset me that Chicago is such a troubled city. It's a beautiful and exciting place to be, but its incredibly violent, corrupt and broke.

[@roggie77777]

This joker wants to collect millions when the dead problem is tens of billions

[@JayWandersOut]

Then they will budget for the expected income but when they don't get it they'll just create more new taxes. Repeat.

[@Impedancenetwork]

Gawd! Listen to that alderman. He is part of the problem! It's amazing. Let's take more money from other people because they will vote for us if we take it from the hard working people and give it to people who think they "deserve" the money.

[@zezenoske]

"many people in jail right now" as people in seattle and portland get their rioting charges dropped...

[@lauraanderson4256]

$7000 a month per person???? that's more than I make in a year... 😒

[@sebbonxxsebbon6824]

The School is a giant failure on top of that, lol.

[@roggie77777]

Laura Anderson it's 19k a year in Chicago per person

[@greekguytalks]

And they go straight to the casino

[@jonwcs5842]

www.illinoispolicy.org/11-things-you-need-to-know-about-chicago-teacher-pensions/ nice paychecks....

[@thatgui88]

@@roggie77777 my school spends 13k.....

[@Hugatree1]

What in Gods name did this guy actually have to say???? Wtf?

[@rukiddingme7]

These states can cut regulations. Let the local economy improve to collect sales tax. Reduce spending on wasteful things. Teachers should not retire millionaires.

[@FartyMcgooo]

reminder that the top pension holder in the state of IL is a doctor who retired at 55 and received an annual pension of 500k adjusted yearly for inflation. her retirement is expected to cost taxpayers $15million

[@phillhuddleston9445]

I've never heard a politician spin high unemployment numbers by saying " were not going to lose businesses, our unemployment numbers are high so we have plenty of workers for them" paraphrasing of course. One sentence this alderman was talking about how they are always talking about cutting spending then when asked right afterwards "what spending cuts would you make" he couldn't come up with a single one. Watch this guy, he may just be the next democratic presidential nominee.

[@ebenezerclark123]

THE MONEY TREE, every Democrat says it is there, I looked around, what I found was I was the Money Tree. Let them live on Social S like the rest of us,

[@walterstrong6386]

That does not sound at all politically correct!!

[@deadchannel1745]

@@walterstrong6386 We don't care about that

[@justinbailey1756]

I'm so sick of hearing the word pension. Retire on your own savings and merit, or don't retire at all.

[@sirsaint88]

icky....just icky.....a politician saying words but not saying anything. You can't tax your way out of this mr. cookie cutter politician. You just can't....you need to make cuts.

[@bryonmiller6311]

"It is the governments fault..... that is run by the people" What a cop out.

[@robr.5044]

Chicago is doomed.

[@shannonzittlow8462]

Good work John been watching your talent since I was a kid and you were part of 20/20 show

[@robertonditi7715]

Just like Detroit,Until the ship veers off the cliff,that's when Chicago people will be forced to change course !

[@someguy6075]

"The corresponding government did not make the requisite requirements in terms of making a contribution" Excellent communication skills from Bob Fioretti here!

[@foxxywolf3809]

Yeesh, they’re under the illusion that as long as someone with a heartbeat exists, they’ve got sources to tax. As long as that goes on, they think they can have their taxes paid for

[@jmm8021]

I used to work for Bridgestone couple years back they moved their operations from Chicago to Tennessee. Taxes and failing infrastructure.

[@rnelson299]

I live in Anchorage Alaska and now this is starting to happen to my city. I’m getting scared!

[@coloradostrong]

Sell penguin jerky.

[@rnelson299]

@@coloradostrong Penguins live only in the Southern Hemisphere, not Alaska.

[@heavymetalredneck7973]

He said "safe neighborhoods" while talking about Shitcago and somehow didn't burst out laughing! He is a real Chicago Democrat!

[@jackgoldman1]

Under funded or over promised pensions?

[@far2kthoughts158]

This council member just used a lot of words but didn’t say anything.

[@jamesbetker6862]

Chicago is so desperate for money they are trying to collect parking tickets that are 20 years old. I had a cop tell me if you pay one, they will try to get you for all of them. I would imagine those would include those that were written unlawfully on my S-10 pick up when I lived in my sister's attic flat. The tickets were for violating "Truck in Residential" which has a 5 ton load limit. An S-10 pick up weighs in at a lot less than 10,000 pounds even with load.

[@perezpepito104]

chicago sucks, I lived there for 5 years and there is little value for the effort of living there. Happily living in NYC since.

[@nohopeequalsnofear3242]

Chicago. Safe: nope High taxes: yes Left Chicago: yes

[@hOtneO]

CA is next. The pension system is mathematically flawed. I have a professor who is retired and now makes more money retired than when teaching at a JC. Doesn't make sense. The taxpayers are getting screwed. The retired employee should collect less than what they made not more. This escalating pension bomb is the reason college costs are skyrocketing, the students are going into debt for life to help politicians make good on a ridiculous promise. All the pensioners need to get a haircut. The debt restructured. This is the hell that liberals want to spread in America and the blue states are going bankrupt for the bad government. Liberals want to keep the status quo and the rich keep getting richer and the poor getting poorer. There should be a constitutional amendment for educated landowners who only get to vote and that will stop the liberal machine catering to voters that live in inner cities that have no land voting for socialism.

[@ryanarchuleta3754]

This was 2017. These debts in all cities are crazy. How have we not collapsed yet? I live in California and it's worse I believe. How is it possible? Seriously, I'm looking for someone that knows

[@ROGER2095]

Chicago is (was) a superb location for business, especially heavy industry. And there used to be a lot of it. But as regulations grow and taxes rise, it becomes a less desirable location, so business leaves. And usually, nothing moves in to replace a business that leaves. The population leaves with it leaving fewer people to pay all the city's bills, which, of course, only increase. More than a million people have left Chicago in my lifetime. Meanwhile, there's a city called Bolingbrook, about halfway between Chicago and Joliet, that is VERY business friendly, and Bolingbrook is growing like a weed, with business's big and small starting up and thriving there. 50 years ago, these businesses would have located in Chicago, but today, Chicago is hostile to industry. Chicago doesn't need more taxes - they need more taxpayers. And you get that with more people working which means more businesses.

[@excellentbill69]

2:50 How to sound like you're answering a question without answering the question

[@epeon7]

"commuter" tax. I grew up in Detroit and remember when that was done. And, why do you think the middle class leave? They don't want to be stuck with the bill

[@teresacardell9492]

Privatetis pension, and get rid of 1/2of the bureaucrats. Any state only needs 6 bureaucrats, not the 20,or 30 they have.

[@lifeline52002]

Tell one working and new employees that they have to put in half of their pension just like people on Social Security does , also make those that now if freeloading, and retire to take a cut in pension and that they have to pay for some of their health insurance cost. This is Mean but it have to be done .

[@walterstrong6386]

It's against the state constitution and cannot be done legally. Someday the federal government will have to take over the entire state of Illinois and that's when the problems will be solved, as long as the Democraps are not in control in Washington.

[@zachb1706]

I don’t get the idea of pensions at all. You pay into the system, hoping that later on some poor sucker will pay for you. This endless cycle continues... it’s a stupid system

[@gregorychalmers6005]

Garden variety leftist Dem. I hope Indiana gets all Illinois businesses

[@sebbonxxsebbon6824]

Wisconsin is open for business.

[@TrustySteeringWheelTray]

@@sebbonxxsebbon6824 Don't forget IA, MO, KY, even AZ, TX, TN, and NE will ALL benefit from the Democrat induced crisis going on in IL.

[@alfredoalcantar8691]

Most likely Texas Bro

[@msmcginn4574]

The city of St Louis (Dem led for decades) has this “commuter tax” and it is a big fail.

[@Rob-sg9zq]

Wow this guy us really a politician he spun it so it was the people fault that the government failed.

[@donquixotedelamancha58]

As a teacher, when one kids asks for something special, I know that if I say yes, every other kid will rush over asking for the same. So I just say "no" to the first kid. Somehow, politicians are incapable of learning that lesson.

[@Masami_Salami]

High unemployment and high taxes... massive debt... So Chicago's becoming the next Greece?

[@Revy8]

these politicians are snakes. they slither out of any question by blabbing on about vague things

[@hanskuhlmann6331]

new revenues sources? Is this person a nut!!! You need to cut everything, including pensions, and all politician get no salary.

[@going2sleep]

John Stossel hasn't changed for 20 years, incredible. Was the topic about broke Chicago

[@stevew1851]

Typical politicians not answering direct questions with direct answers. Always more taxes.

[@alexp3752]

The tipping point has already been reached. Now, it is just a matter or time.

[@brozbro]

three years later and you can play this video every year until the name changes to Detroit-West.

[@commonsense592]

He sounds like a socialist to me.

[@cheefsmokealot4479]

People vote with their feet, and move out of Chicago and Illinois. We are tired of too big crappy government, too high taxes and out of control speed cameras and red light cameras that hand out tickets like free water. Chicago is broke, with out of control bloated public sector pensions, and no politician wants to cut anything. Now every year more people more out of Chicago and Illinois then move in. Chicago is fast becoming the next Detroit disaster. 🤔🙁🇺🇸🇺🇸

[@thisdudeisnotin]

CHANGE THE ILINOIS CONSTITUTION!

[@taledarkside]

You gotta have a majority republican in the state assembly. Gov has a huge battle everytime he wants to do anything

[@LifeBindeR222]

Well Chicago has just gotten worse in the past five years. There are tons of new companies and jobs in the suburbs but the actual city has fallen apart even further and even more companies and people have moved to the suburbs or another states.

[@ebenezerclark123]

What is mere $350 Million - too much LSD I quess

[@TheDragonCat99]

That politician has got to be the worst at dodging questions I've ever seen. It's SO obvious. "You want to make cuts, right?" "Yes I do" "What cuts do you suggest we should make?" "We should raise taxes" "What? What about the cu-" "Taxes."

[@minbannister3625]

"new sources of revenue" hilarious

[@robertkrause4861]

Sounds like when Lynn Jondahl wanted to raise Michigan’s single business tax back in the early 90’s. He said that it would be a very small increase but in fact it would have amounted to a 17 percent increase! Talk about killing the goose that laid the golden egg!

[@IanMikrut]

3 years later; How's life in the Windy City? Don't worry, one day you'll get a Democrat that get things done, Maybe, one day

[@woodwrecker6221]

City councils promise pensions in lieu of raises. Knowing that when pensions need to be paid it will be some one elses problem. Just like underground piping and other infrastructure you can not see.

[@ladypilliwick8179]

so politicians stole all the pension money........now what ya going to do about it........nothing hugh ????. well. you get what ya pay for

[@andrewmielke4011]

I'm so thankful that I live south Dakota, their is a balanced budget amendment to the state constitution, their is a surplus, i dont know how much, and their is no state income tax.

[@biggredd1336]

BIGG REDD 4 MAYOR

[@liealways]

they want more revenue but the idea of food trucks and carts is unthinkable.

[@WinterlightningZ]

This reporter is great! Love how he grills these fools!

[@ZRayTheBosS]

Chicago is one of the biggest cities in the Midwest and I hope that they do fix their money problem.

[@jodieturner3161]

Politicians always Bob and weave whenever you ask for details. He has no real ideas!

[@Space.Ghost.]

I love how the idea of pension cuts come up and no one ever brings up the elected officials who serve 2 years and get a life long pension.

[@sathishkannan6600]

Stossel has done good research and give good questions.

[@rfcgong1]

Wishy washy by this counselman

[@farmer1ab]

All that councilman said was, “We’ll check the couch cushions for money.”

[@mirzaahmed6589]

We need a dictator who isn't afraid to cut spending, because they wouldn't need to get reelected.

[@mikec3201]

why do they only ever talk about raising taxes? hardly.mentioned a single spending cut

[@dsmith004]

Notice how politicians never actually answer the question while crowing about their "achievements."