Moody's Investment Services on Friday downgraded Chicago's credit rating to Baa2, two steps above junk. The service also warned that the rating could drop further.
Chicago's finances are already sagging under an unfunded pension liability Moody's has pegged at $32 billion and that is equal to eight times the city's operating revenue.
What can anyone expect from a city that's been run by Democratics for well over half a century? Unsurprisingly, Portland's been doing much the same thing over the past generation or so, although its unfunded liabilities are "only" just over $2 billion at present.
Overall, the situation in Illinois as a whole isn't exactly sunny, either: people are leaving the state in droves, and not because of the cold weather.
Illinois has shown some economic gains in recent months. It also has well-documented woes: a state debt crisis largely driven by unfunded pension obligations, the country's worst credit rating, weak job growth.
Over half a century of rule by Democratics can do that; bad credit, unfunded liabilities despite high taxes, and of course, the corruption for which the state's become famous. Democratics seem to have the Wimpy mindset, as like the character in the Popeye cartoons, they'll gladly pay you on Tuesday for a hamburger today.