“Financial pressure is mounting on cities, big and small. Chicago, with $20 billion in unfunded pension liabilities, faces the prospect of insolvency. The budget director of East St. Louis, Illinois, said last month the city should consider bankruptcy.

Comment: We’ve been telling you for years. Sooner or later, probably sooner, one way or another, it’s coming. Chapter 9 municipal bankruptcy will become a household term in Illinois. It’s unavoidable, it’s inevitable and, in very specific cases — many of them — it’s the right thing.