Last Saturday I pointed out that my earlier predictions about Illinois and Chicago's pension crisis were proving to be precisely as I'd forecast. The city is seeking a state bailout of its untenable position. If it succeeds, I'll bet the state will seek a federal government bailout of its suddenly expanded pension obligations (which it already can't afford).
John Ruberry sums up the pensions plight of Chicago and Illinois in a single sentence:
That’s like having Puerto Rico transferring its financial problems to Venezuela.
Kinda puts things in perspective, doesn't it?