“There’s little precedent for what’s happening in Chicago, and no clear path out. Illinois doesn’t let cities file for federal bankruptcy protection, and that’s unlikely to change because the municipal unions that have so much political power in the Land of Lincoln hate bankruptcy, where contracts can be busted and pension debt cancelled. Still, as economist Herb Stein famously observed, ‘If something cannot go on forever, it will stop.’ But when, and how?”

“News that top lieutenants of Chicago Mayor Rahm Emanuel are toying with a $10 billion pension obligation bond issue to alleviate the swelling, so to speak, is reminiscent of what happened when ol’ Doc Blago peddled a similar miracle cure back in 2003.”

The Chicago City Council is considering an ordinance that would punish employers who don’t have crystal balls. It’s a boneheaded proposal. Are you a boss? Do you manage people? Do you run a business? Pay attention.

The ordinance would require Chicago employers to post work schedules for their employees at least two weeks in advance. Employers would be required to pay their employees for at least one hour extra if the schedule changed or work was added or subtracted. Companies also could face fines of $500 for each employee affected in each pay period if they fail to comply. If