Chicago taxpayers to pay a significant premium and fees in connection with the $725 million Chicago Public Schools borrowed on Feb. 3.

South and West Side aldermen believe that an increase in the tobacco tax will lead to an increase in black-market sales and violence. They're right.

Mere months after passing the largest tax hike in modern Chicago history, Mayor Rahm Emanuel vows to hit residents with even higher property-tax bills, this time to bail out pension mismanagement by Chicago Public Schools officials – behavior tacitly endorsed by the Chicago Teachers Union.

Amid CPS’ postponed $875 million bond sale, Chicagoans should question whether the district can fill its budget hole and whether Emanuel will stand up for Chicago taxpayers or give in to more teachers union demands.

The state must get its financial affairs in order by allowing municipal bankruptcy and enacting real pension reforms.