It is worth noting that Chicago Public Schools is functionally insolvent and the City of Chicago has a $20B pension liability (relative to a $7.8B annual budget

It is worth noting that Chicago Public Schools is functionally insolvent and the City of Chicago has a $20B pension liability (relative to a $7.8B annual budget). Pension payments have been routinely deferred ("pension holidays") to balance the budget. Bankruptcy is inevitable at this point.