Chicago, you've been warned:
Chicagoans, pay close attention to a new warning from Moody's Investors Service: The city must solve the crisis devouring its public employee pension funds, but even if it does, there's extremely rough going ahead.
The recent Illinois Supreme Court decision won't help. See also the Chicago Tribune's editorial:
So as the slashing of non-retirement costs intensifies, don’t blame the chief executive officers who have to wield the knives. Blame the state and local lawmakers who, over the decades, built this miserable Illinois slaughterhouse.
And last week Moody's downgraded Chicago's debt to junk.