This is a new thread in the DALLAS forum on Dallas could go BANKRUPT if frced to pay over BILLION $'s in Pension debt. (Chicago: rental, house)

[chet everett]

Originally Posted by IrishIllini

Texas' debt burden compared to GDP is pretty similar to that of IL. Even MN is up there.

State Debt Ranking Percent GDP for 2017 - Charts

What?!!
State State Debt Local Debt State and Local Debt Gross State Product Real State Growth Population (mln)
llinois 8.59% 11.48% 20.06% $841.3 2.6% 12.8
Minnesota 5.44% 13.65% 19.09% $360.4 2.6% 5.6
Texas 2.68% 14.62% 17.30% $1,640.5 3.2% 28.5

[IrishIllini]

Originally Posted by chet everett

What?!![/font]

State / State Debt(%) / Local Debt(%) / State AND Local Debt (%)
NY / 9.07 / 14.19 / 23.27
IL / 8.59 / 11.48 / 20.06
PA / 6.78 / 11.98 / 18.76
CA / 7.00 / 11.22 / 18.22
TX / 2.68 / 14.62 / 17.30
FL / 3.53 / 10.10 / 13.63

Of the six largest states, only one (Florida), has a Debt to GDP ratio below the national average of 16.20% (6.23% state debt and 9.97% for local debt).

The TX state government runs bare bones, so that's why their state debt is so low. Local debt is an entirely different story. Wonder what will happen when all those roads need to be rebuilt and infrastructure upgrades are necessary. Spending will skyrocket.

[beaniemac]

Originally Posted by chet everett

The "Dallas Area" includes over a half a dozen cities with median incomes of over $100k -- https://www.nerdwallet.com/blog/fina...g-cities-2015/ "Boom times. Cities near Silicon Valley and Dallas also stand out as high-income spots, perhaps owing to the strength of their local economies. Dallas is projecting a $53 billion increase in personal incomes from 2014 to 2019."

That compares very favorably with suburban Chicago area, and given that finances of Texas are much healthier than Illinois there is far less to worry about than there would be should you remain here...

thanks, and that's good to hear. not sure if I want to relocate, but this is good news.

[IrishIllini]

Originally Posted by beaniemac

thanks, and that's good to hear. not sure if I want to relocate, but this is good news.

Well, finances in TX aren't much healthier than IL, but they are better. The COL in Dallas is even with Chicago, so it really depends how much she'd make in Dallas compared to how much she's making here. Factor in commuting expenses though. Nothing like the L or Metra in Dallas, so you'll definitely be driving. If that's already the case it's probably not a major difference from a fiscal standpoint.

[Maintainschaos]

Probably best to spend more effort focusing on fixing the problems in Chicago and less effort worrying about Dallas sorting out its own mess.

[chet everett]

Originally Posted by IrishIllini

Well, finances in TX aren't much healthier than IL, but they are better. The COL in Dallas is even with Chicago, so it really depends how much she'd make in Dallas compared to how much she's making here. Factor in commuting expenses though. Nothing like the L or Metra in Dallas, so you'll definitely be driving. If that's already the case it's probably not a major difference from a fiscal standpoint.

Funny, last time I was in Dallas this seemed be very similar to the CTA L, well cleaner, newer, cheaper, but similar ...

https://www.dart.org/maps/printrailmap.asp

Mod cut: copyrighted image deleted.

[IrishIllini]

Originally Posted by chet everett

Funny, last time I was in Dallas this seemed be very similar to the CTA L, well cleaner, newer, cheaper, but similar ...

https://www.dart.org/maps/printrailmap.asp

Wow, you've really lost your touch. You and I both know DART isn't even half the system CTA/Metra are.

[UScityUrbanCores]

Originally Posted by IrishIllini

You're not giving anyone a reality check, Chet. Chill with the attitude.

Have you seen property taxes in Dallas? Tolls? The money has to come from somewhere. If Dallas were truly a place that could afford to have no local income tax, low (or no) sales tax, and low property taxes, they wouldn't be billions in the hole. I'm not arguing things aren't worse in Chicago, but when a place like Dallas starts throwing around the word bankruptcy, you know this is a national issue. These pensions are unsustainable. That's something I think even you can agree with. Overall, the cost of living in Chicagoland is very much inline with the cost of living in metro Dallas.

As an aside, TX has god awful schools and an exploding population of poor residents. Also skyrocketing property taxes (your favorite). I believe Dallas has the largest income inequality gap IN THE COUNTRY. Some of the more pessimistic posters like to point to these places as success stories when they have more than their fair share of issues to deal with.

I agree ^^^ My point too. For YEARS on C-D a couple who gained wealth in Chicago and probably get one of these Pensions from the city (I have read some threads going back a few years) and maybe these posters paid nothing into?

But anyway, I jumped on this Dallas as a ---> Sunbelt --->booming in population city. Has already a risk at Bankruptcy. It declares, if held to these Pensions. --->It WIIL be going bankrupt. Really just as Chicago's can't be downplayed. Neither can Dallas's to Houston's substantial one to even Atlanta's.
My point to those seeing it is a Chicago political corrupt machine alone. It ain't anymore.

My Father all his adult life since I was born. Always thought pessimistically that a another GREAT Depression was coming. That was at least 50+ years of remembering him speak of it as he has passed a few years ago. I'm approaching 60 and it still did not happen in such a degree.

I do not see Pessimist as totally wrong of course, or not seeing clear reasons for it. But to spend a life dwelling and TEACHING it. Is not a virtue to me that young people should be taught. You do need to hear positives too. That includes Chicago.

As Chicago keeps BUCKING the Big boom, crash, into a sewer. To have it still seemingly able to put it off? Could have some pessimist pass before it even comes? Chicago ALWAYS found a way to get through its issues. Even those that never really went away? Just take on a new form in another decade and era. Somehow it does buck the big kaboom it.

*I also by the ABOVE post on DALLAS transit lines chart given? Have to do with this topic? When was the last time Dallas transit WAS EVER compared in a poll to Chicago's. San Francisco's, DC's and Boston's? NEVER I saw it in C-D.

[IrishIllini]

Originally Posted by Maintainschaos

Probably best to spend more effort focusing on fixing the problems in Chicago and less effort worrying about Dallas sorting out its own mess.

I wholeheartedly agree, but I think it's beneficial to put things into perspective.

[Maintainschaos]

Originally Posted by chet everett

Funny, last time I was in Dallas this seemed be very similar to the CTA L, well cleaner, newer, cheaper, but similar ...

https://www.dart.org/maps/printrailmap.asp

DART is *nothing* like the L.