Coincidence? Obama chooses Chicago for his library same day city downgraded to junk bond rating

by John Ruberry: Yesterday morning in a much-hyped video announcement, President Obama announced Chicago will be the site of his presidential library. That afternoon Moody's Investors Status downgraded the city's credit rating and now any bonds Chicago issues will be graded as junk.

Coincidence? Perhaps not. Although Chicago's credit rating has been dropping for several years because of unfunded pension obligations, this latest downgrade is tied to Friday's unanimous Illinois Supreme Court ruling that threw out the state's 2013 pension reform law. Illinois' pensions are unfunded by a staggering $111 billion. And that rot festered during the eight years Obama was a state senator.

Obama is just so smart. Why didn't he say anything?

Oh, don't forget, Obama's first chief of staff, Rahm Emanuel, is mayor of Chicago now.

Related post:
IL Supreme Court makes it official: Pat Quinn was not put on earth to fix state's pension crisis
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John Ruberry (@Marathonpundit) is a conservative reporter who hails from Morton Grove, IL. He also blogs at Marathon Pundit which you should follow for the straight scoop in Illinois politics.

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