Maybe Chicago isn’t a lost cause. That’s the power of positive thinking about some surprising truth-telling about the city’s public pension mess from Illinois comptroller Susana Mendoza.
“If the market gets a cold,” Ms. Mendoza, a Democrat, said in a recent interview with the Financial Times, “I don’t even know that we’ll survive with pneumonia.” You might say that Chicago’s pension funds currently have the equivalent of walking pneumonia—sick, but not yet on a ventilator.
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