The Digital Sound Of India

Chicago's financial status is not very healthy. May listen from it pretty soon, if the situation continues.

It was detroit on cards for the last few weeks and now the tide has turned to Chicago. After the recent bankruptcy filing in Detroit, which has raised red flags about other major U.S. cities also dealing with billions in under-funded retiree benefits, the question has arised who would be next?

Just last week, Chicago’s credit rating was downgraded as a result of its $19 billion in under-funded pension liabilities. Top Investor service company, Moody's Investors Service called the liabilities “very large and growing" and warned that Chicago, the country’s third-largest city may face a “tremendous strain’’ in trying to meet future funding requirements and public safety demands.

A similar scenario, though decades in the making, largely doomed Detroit, whose average police response time has grown to more than 50 minutes.

Illinois and Michigan are also not that far behind.

Read how Detroit got under trouble

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