The Economist
IN WASHINGTON, DC, Rahm Emanuel had such a tough-guy reputation that people called him “Rahmbo”. Now the former White House enforcer, who has been mayor of Chicago since 2011, faces a challenge as hard as any he met in the nation’s capital.
After years of overpromising and underfunding, Chicago has the worst pension gap of any big American city (see chart 1). Its debts are rising even as its population shrinks (see chart 2). Rahmbo’s mission is to save Chicago from financial ruin. Unlike previous mayors, he is trying. It is not making him popular...
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