Days after the Illinois Supreme Court rejected an overhaul aimed at shoring up the state’s troubled pension system, Chicago, the state’s largest city, saw its credit rating downgraded two levels to junk status on Tuesday by Moody’s Investors Service. The move could mean higher borrowing costs for Chicago, which is wrestling with an underfunded pension system of its own. The State Supreme Court opinion, issued last week, barred the state from lowering pension benefits for public employees under a provision of the Illinois Constitution, but it also raised doubts about the legality of changes Chicago has made to two of its pension funds. Mayor Rahm Emanuel criticized Moody’s downgrade as premature. “While Chicago’s financial crisis is very real and at our doorsteps, today’s irresponsible decision by Moody’s to downgrade the city’s credit by two steps goes far beyond that reality,” Mr. Emanuel said.

Liberal city in liberal state living by liberal fiscal policy.


Yawn....


Look at every major city in brink of or well into major bankruptcy. Same story over and over. Not shocking. At some point you run out of other people's money to spend.

So i google "most expensive place to live in the us" (try it)

Result = " According to a report by data search engine FindTheBest, Nassau and Suffolk counties are the most expensive places to live in America. The two Long Island counties beat out the metro areas in San Francisco, New York City and Washington, D.C., in a cost of living index "

I get taxed on my taxes for god's sake! (notice the jingle " I LOVE NEW YORK ♪ ♫ ♪" is not played anymore. :-/

Taxes are terrible that is for sure! I think i am paying my own as well as 10 others.

it's all about dat locust valley lock-jaw son!!!

CLEARLY THIS IS OBAMAS FAULT


THANKS OBAMA

Didn't Detroit go through the same thing? I think in the end they pulled back the pension funds for the workers (the people that earned their money) made some 'contributions' to some large money managers then bailed out of the city while it burned.

The sudden downgrade of Chicago's credit status is nothing more than a rich mans temper tantrum.

lol@americans whining about taxes

IVANCANNON!

KILLERfluffY HATTEN ÄR DIN!

Ivan lives in a socialist utopia!

I once visited a place called Ivanhoe, true story!