Chicago falls apart under Mayor Rahm Emanuel - City of Chicago’s cash cushion plummets, debt triples, arrests drop, water use rises

Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand while adding to the mountain of debt piled on Chicago taxpayers, audits show. Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service, “unrelenting public safety demands” and reluctance to raise taxes.

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