Think Boston has fiscal problems? They’re nothing compared to what’s happening in Chicago, my long-ago stomping grounds. The city of Chicago’s projected budget deficit: $982 million. … The cause: unfunded pension liabilities. As in $35 billion in unfunded liabilities, in addition to tens of billions of dollars in various other debts. … As Andrew Biggs puts it at the NYT: “The word bankruptcy has been hanging over Chicago like a storm cloud about to burst.”