Wirepoints:

Chicago’s pensions remain in bad shape and are getting worse. For perspective, three of the city’s plans have only enough money to pay out less than four years of benefits. And the latest official reports from the city’s pension plans and those of its sister agencies show a total pension debt of $52 billion, up from $42 billion just five years ago. The city’s shortfall exceeds the pension debt of 46 of the nation’s 50 states and imposes the worst costs per capita of any major American city, by leagues.

The Pension working group’s recommendations can go only in two directions. The group can either get serious about tackling the pension problem, or it can choose to continue the decades of public policy malpractice that got Chicago into this mess. We hope those involved will heed some sage advice — from right here in Chicagoland — and choose the former.