It's already happened in Detroit and several California cities and elsewhere--Chicago is headed that way soon--
Moody's downgrades Chicago's credit rating, pension debt to blame - WREX.com – Rockford’s News Leader: "Moody's Investors Service says it's making the move because of "formidable legal and political barriers to pension reform" in the state. The downgrade affects $8.2 billion in debt and means it will cost the city more to borrow money. According to Moody's Chicago has $19 billion in unfunded pension liability and faces a "tremendous strain" in meeting their budget and paying law enforcement"
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