Chicago is trying to bail itself out

Ashley Garmon More than a year after Chicago’s pension predicament sparked a wave of rating downgrades, have the city’s efforts to reduce the amount of its underfunding been enough? Despite significant progress, we don’t think so. It’s not for lack of trying. Chicago’s decision makers—with occasional help from the state legislature—have taken the following steps over the past year to reconcile the budget gaps created by the underfunded pension: Approved the largest property-tax inc...