Even as the stock market booms, many American cities are watching their financial situations deteriorate as they struggle to cover explosive pension obligations for retired civil servants. Chicago is in dire straits, with analysts weighing the possibility of bankruptcy for the public school system. Meanwhile, in Hartford, Connecticut—another major city in a wealthy blue state—there are also rumblings of Chapter Nine. Bloomberg reports : Like many other local governments across the country, Hartford — city of Mark Twain and the young John Pierpont Morgan — has been grappling with budget problems for years. On the same day that Illinois […]
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