The Right to Inherit Debt

Yesterday we posted an essay about our rights and consequences and obligations.  Today we bring it to specificity – real life here in our American backyard – the right to inherit debt – which simply means the right to repay an obligation for which the obligor receives nothing; did nothing to incur.

We bring you Rahm Emanuel and his bright "new course" for all taxpaying Chicagoans.     Mayor Rahm, democrat overseer of the insolvent city of Chicago, in a very recent press release (we have added some comments and questions):

Office of the Mayor

City of Chicago

For immediate release

September 22, 2015 

·         To address the amended 2015 Police and Fire pension payment, the property tax levy would be raised by

o   $318 million in 2015

o   $109 million in 2016

o   $  53 million in 2017

o   $  63 million in 2018

o   That’s a total of $ 543 million every year thereafter

o   Over one half of one billion dollars every year forever and ever until bankruptcy

o   Plus of course whatever else they add on later, and

o   Plus of course whatever the other “city” taxing bodies add to their tax levies, and

o   Plus of course whatever happens to the valuations, etc., etc., etc.

·         What do the citizen taxpayers get for this largesse?

·         Well normal answers of course would probably include things such as:

o   More cops, firemen, ambulances

o   More roads, services, schools

o   Or just better roads, services and schools

o   Maybe a tax cut to encourage more business/jobs and

o   Maybe, more citizens will move in

·         But no, none of that.  There will be no “more” of anything

·         Why?

·         Because here is the reason for the $ 543 million increase

o    “…we will build on our progress in charting a new course for Chicago’s future and secure the retirements of our police and firefighters…”

·         You mean all that money does nothing for the people who are paying it?

·         Yes, it is all going to people who are not “on the job.”  They are all “off the job.”  And even if they were “on the job” it wouldn’t matter much would it – there would still not be one mile of new road built  or maintained; not one bridge built or rebuilt; not even one square of concrete sidewalk built or repaired; not one new school!

·         Not one thing comes to those who pay – they are getting nothing for something and that something is going to cost them at least $543 million per year, forever and ever and ever 

Emanuel, has done nothing, NOT ONE THING, to reform the city, to eliminate pension costs going forward with a defined contribution plan and mandatory social security contributions that most all of us live with; nothing to make the city schools a draw for those now forced to evacuate to the suburbs and nothing to eliminate taxes, fees and regulations on businesses to say nothing about endless, oppressive costs on residents. 

$543 million and current taxpayers get NOTHING.  Or, as our fundamental requires – pay as you go – do not burden today’s taxpayers with yesterdays obligations.  This simple long standing legal concept – pay off your debts at death needs to be written in every law in every governmental entity statute book in America.  Debts and obligations get paid; they do not pass to future generations.  Instead today's politicians have given us all the right to inherit debt.

If you wish to read this nonsense firsthand, please go to:  http://www.cityofchicago.org/content/dam/city/depts/mayor/Press%20Room/Press%20Releases/2015/September/09.22.15.pdf