Chicago is not Detroit
Chicago is the next Detroit. So goes the facile comparison of the deeply indebted Second City to the now-bankrupt Motor City. But for municipal-bond investors, is it apt? Any serious analysis would say no. Detroit was unique in having its population and economic base hollowed out over decades, which long has been recognized in the political and financial spheres. Chicago, by contrast, remains a huge, vibrant economy that has been fiscally mismanaged. There really is no comparison.
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