By John Rubino – Re-Blogged From Dollar Collapse
A new bond issue from Chicago is rated AAA. That’s great because it means the city’s finances are on the mend, right?
Nope, just the opposite. Here’s the story:
(Bloomberg) — Chicago’s public pension debt is $36 billion and growing, it’s facing $550 million in budget deficits over the next three years and this summer the state had to bail out a school system that was flirting with insolvency.