Coincidence? Perhaps not. Although Chicago's credit rating has been dropping for several years because of unfunded pension obligations, this latest downgrade is tied to Friday's unanimous Illinois Supreme Court ruling that threw out the state's 2013 pension reform law. Illinois' pensions are unfunded by a staggering $111 billion. And that rot festered during the eight years Obama was a state senator.
Obama is just so smart. Why didn't he say anything?
Oh, don't forget, Obama's first chief of staff, Rahm Emanuel, is mayor of Chicago now.
Related post:
IL Supreme Court makes it official: Pat Quinn was not put on earth to fix state's pension crisis
John, Great article.
ReplyDeleteChicago is the Windy City and a perfect place of O's presidential papers. Junk bonds :)
Shared article today on ARRA News Service.
You welcome to directly email me anything. Very few people following the Old RightOn line group. But I did get your message.
Right Online wasn't the same after Erik Telford left AFP; but wow, he is now President of The Franklin Center.
Best regards,
Bill (Still kicking in the Ozarks)