Junk City: Judge rules Chicago pension reform unconstitutional

The bad news continues to roll in for Chicago. Moody's, based on the Illinois Supreme Court ruling on the state's pension reform as being unconstitutional, downgraded the city's bonds to junk status in May--which will cost taxpayers millions. But a court hadn't ruled on Chicago's pension reform until yesterday when a Cook County judge tossed out as unconstitutional the city's 2014 reform.

The Illinois constitution has a strong protection clause.

Chicago's hard-pressed taxpayers will suffer the most. The smart ones will move away.