“Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”
This credit rating downgrade is just another in the long list of problems and headaches for the state of Illinois. While most states would look for a way to cut their growing pension liabilities and shore up their struggling state, Illinois seems doomed to be controlled by strong armed Unions and a bloated liberal government that keeps digging a deeper hole.
Chicago and the state of Illinois are fast heading down the same path that destroyed Detroit. Soon Chicago will be nothing more than a documentary about how liberal policies destroyed another great American city.