As Chicago slowly slides closer into bankruptcy Mayor Rahm Emanuel and progressive legislators have apparently decided to speed things up, proposing to “give away” $500 dollars a month to 1,000 families, “no questions asked!”
The “Windy City” may soon become the largest municipality in the U.S. to test this “re-branded welfare program” dubbed (for the benefit of their gullible citizenry), the “Universal Basic Income Program.”
Actually, the program’s name is a misnomer in that the word “income” by definition means “money received, especially on a regular basis, for work or through investments.”
The play-on-words is apparently designed to elevate the negative stereotype of individuals receiving taxpayer money, for doing nothing except for residing within the debt-riddled city.
The bill recently proposed by Chicago Alderman Ameya Pawar has already received the blessing of the mayor and city lawmakers. The next phase would be to begin implementing the program.
This would require politicians like Emanuel and Pawar to sell their socialistic scheme of “redistributing wealth” to the general public by painting a dire scenario of economic doom, in which only ‘BIG BROTHER” can help.
“Nearly 70% of Americans don’t have $1,000 in the bank for an emergency,” Pawar informed the media.
Adding, “UBI could be an incredible benefit for people who are working and are having a tough time making ends meet or putting food on the table at the end of the month.”
No doubt a noble undertaking for those blissful progressive individuals who somehow always believe “free anything” actually means “free” and that no one will pay for this PONZI scam.
The good mayor and his cohorts, for example, hesitate to acknowledge that Chicago is in dire financial trouble sliding slowly towards bankruptcy if it doesn’t get its financial house in order.
Moreover, the Illinois Supreme Court recently ruled in favor of municipal unions against the city’s attempt to modestly modify city contracts, ruling it unconstitutional.
Chicago’s four city-run pension funds have a combined $20 billion shortfall, nearly six times larger than the city’s annual operating budget.
Currently, Chicago taxpayers are on the hook for nearly $35 billion dollars in pension debt alone, that’s nearly 4-times greater than a decade ago. When broken down to individual households that would tally to over $60,000 for every family living in Chicago.
However the financial blood-letting doesn’t end there, thanks to progressive mismanagement, the city purposefully shortchanged the pension funds.
For example in 2010 politicians passed a three-year pension “holiday” that allowed Chicago Public Schools to skip $1.2 billion dollars in contributions to the teacher pension system.
So now we have Mayor Emanuel and Alderman Pawar along with dysfunctional progressive legislators once again stealing from Peter to pay Paul, with funds they don’t have.