A Wall Street rating agency raised warning flags Thursday about Mayor Rahm Emanuel’s stalled, $10 billion pension borrowing and about the long-term viability of his feel-good election-year budget.

Tax rates are high because the region lacks commercial and industrial developments compared to other parts of Cook County. Towns struggle to attract new business investment because tax rates are high. It’s a catch 22 that threatens to make the south suburbs even less attractive to potential new residents.

Viewed from the air, it’s a stunning transformation — in just 30 years, a gritty swath of cleared land and surface parking lots has become a glistening new part of Chicago.

But people experience cities on the ground, not in the air. Put the 60 acres between Navy Pier and Michigan Avenue under a microscope and what you see is a cityscape of great expectations and half-kept promises.

Comment: The story is right but the headline sure is wrong.