Fitch Ratings: Chicago approaching “inflection point”

Triple-notch credit downgrades for government entities are supposed to be rare. They normally happen only in response to major financial events, such as a sudden fiscal emergency. But Chicago just received its second triple-notch downgrade in just six months. And that spells trouble for Chicago taxpayers. Citing skyrocketing pension costs and a lack of meaningful...

TAGS: Chicago, Chicago Park District, Detroit, downgrade, pensions

Parks and wreck

By Ted Dabrowski
The Illinois General Assembly today approved a pension bill that requires taxpayers to pay an additional $75 million into the Chicago Park District pension fund in addition to tripling the taxpayer contribution to the troubled pension fund. Unfortunately, this bill is mistakenly being heralded by some as a potential model for pension reform. Make no mistake:...

TAGS: Chicago Park District, pensions, Rahm Emanuel