When Chicago officials released a report last week that projected a $1 billion deficit on just $3 billion in tax revenues, observers wondered naturally whether the city was heading rapidly toward insolvency like Detroit. The two situations may not be entirely analogous because Chicago is a more economically vibrant and viable city than Detroit. But Chicago's pension system is such a mess, even compared to Detroit's, that there are several things about the Detroit bankruptcy that should worry officials, taxpayers and investors in the Windy City.
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