Illinois is a state with perhaps the strongest union choke-hold on the government. Its bonds are just one step above junk status. When will a politician get up the courage to tell the folks at or near retirement that they are going to get a haircut (reduced payouts) on the pensions that they thought were rock-solid? It’s that or further reduce spending on police and fire and other services. I don’t think that would go over well due to the murder epidemic in Chicago right now (cuts already showing effects?). Is Chicago’s day of reckoning here? The new 2018 novel Bankrupture explores how municipal debt overshadows the future of America’s once-great cities.