If politicians won’t fix bloated pensions amid credit downgrades, the bond market will force their hand.
It takes a long time to kill a city, and the bigger the city, the longer it takes. But Chicago’s “public servants” have done a fine job speeding up the process.
The Windy City was forced this week to put off a planned sale of $292 million in tax-exempt municipal bonds, part of an $800 million debt-service package. Authorities blamed volatility caused by the Iran war, but other bonds were priced without incident.