Is Chicago F*cked?

If a State Representative all but admits to tossing a Hail Mary, it probably is a Hail Mary. On January 30, the state legislature will reportedly entertain a proposal from the State Universities Annuitants Association (sounds like they throw some a$$-kicking events, that's for sure) which advances the idea that Illinois ought to "issue [$107 billion of] bonds this year to get its retirement system nearly fully funded, assuming that the state can make more on its investments than it will pay in interest" (emphasis ours). The unfunded pension hole is $129 billion. More on this genius proposal, "It would be by far the biggest debt sale in the history of the municipal market, and in one fell swoop would be more than Puerto Rico amassed in the run up to its record-setting bankruptcy." Skeptics are shading all over the proposal; they think ratings agencies and investors alike will balk at it. Not to mention we're 9 years deep into a boom economy. Timing is awesome. But, hey, desperate times call for desperate Hail Marys. Good luck with that.