How the Financial Crises in Chicago and Illinois are Playing Out Like a Greek Tragedy

Excerpt:

It’s really not engaging in too much hyperbole to say that Chicago and Illinois face financial crises similar to Detroit, Puerto Rico and Greece.

We’ve known for several years now that big payments were due the Chicago teachers, police and fire pensions this year, and that Chicago Public School finances were tilting toward insolvency. And yet, school officials are making payments at the last second with money they don’t really have after a dangerous deal to borrow from the teachers’ pension fund fell apart. Now, school officials and Chicago Mayor Rahm Emanuel are warning of more mid-year budget cuts to schools and blaming the crisis on Springfield.

We’ve known for many years that Illinois isn’t paying its bills or funding its pensions properly. We’re more than $100 billion behind on paying for pensions — the worst in the nation — and another $5 billion behind on paying for goods and services…

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