Chicago, Pension Liabilities, $19 Billion Dollar Crisis
Chicago’s finances among the worst after 2008 recession: study - Chicago Sun-Times: "“They have not come up with an actionable solution to the [$19 billion] pension crisis and the growing debt level. Refinancing and using scoop and toss to push principal out 25 or more years is not the answer to the city’s financial challenges. It pushes the burden in an expensive and untenable way onto the next generation for services they’re not going to benefit from,” he said.
In mid-July, Moody’s Investors ordered the triple-downgrade, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel." (read more at link above)