Bankruptcy, it's the Chicago way.

So it can be understood: Why Detroit can't work and Chicago won't. It's all about tax base. The money to operate a city can't be printed out of thin air. Someone has to pay it. If the money is extracted until it creates impasse from the taxable base the city collapses. Let's imagine for a moment that the city of Chicago experienced a huge fire, earthquake and tornado in one day leveling to the ground every single structure. Nothing left within the city limits. Not one thing standing. Coincident with that all the insurance companies in the nation went bankrupt and could not pay. The city no longer existed physically. The population is standing on the rubble saying now what? Now let's imagine that the Police, City Workers, Teachers and others on the heels of this are demanding pay increases, pension funding and job security. Then imagine that the city government announces that to rebuild will require everyone who stays to rebuild to pay double in taxes. What fool in his or her right mind would start a business, build a house or a building when a few miles away in any direction is another state, county or city without that tax problem they could rebuild in. That is about what we have right now. Taxing isn't working to find revenue. The Teachers got theirs, it's just over. Unless things are dialed back HARD.. the whole thing is doomed. People are already voting with their feet. At some point the whole of the operation will depend on that last homeowner, the tax on that last pack of cigarettes, on the owner of that last business. In order to keep it going the tax on that last home will have to be millions. I know this seems dire, but the reality is this can't work. There is no fix. Anyone who tells you differently is lying. And the same policies are now resident in Washington.