[RealJustme]

City of Chicago’s cash cushion plummets, debt triples. Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, year-end 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, and “significant” rapidly growing debt. Mayor Rahm Emanuel explained that things were on the decline when he took over as Mayor and there's been resistance in allowing for new revenue to be collected; he's asked the citizens of Chicago to "lean forward" and demand that the rich pay their fair share.

Obama's former Chief of Staff learned well from him.