Avoiding the title of "Mayor Bankruptcy"

Zero Hedge: "A More Likely Reason Rahm Emanuel Dropped Out: The Chicago Time Bomb."

Rahm knows the risks of collapse are rising. He’s passed property tax hikes, emptied the reserves and employed every budget trick he can to make the numbers “better.” He’s even sold off public assets – the city’s future sales tax revenues – to “shore up” the city’s finances, and yet Chicago is still junk rated by Moody’s.

Chicago's pension obligations are staggering and, by far, the worst among major cities.  Rahm knows there are no more levers to pull; he's out of options so it's better to leave the mess to the next guy.