State lawmakers and the city of Chicago owe taxpayers an honest assessment. It's a sad state of affairs when we have to get that assessment from a bond guru in Kentucky.

Illinois is often used as the poster child for how not to run a state. Money-hungry politicians perpetuate the state’s spending problem with higher taxes and more borrowing. Meanwhile, the state’s tax base continues to erode as tapped-out families and businesses move to states with more opportunities and friendlier business environments. Illinois’ debt has grown...