This article explains that the City of Chicago has concealed how it has dealt with its budget gap over the past decade. The city failed to cut its recurring expenditures to match its recurring revenues after it blew through its reserve funds. Instead, two administrations have: Used long-term debt to finance everyday expenses and maintenance; Used long-term debt to finance judgments and settlements, including police brutality cases, and retroactive wage increases and pension contributions for its unionized employees; Restructured the citys existing debt to extend the maturities on its bonds far out into the future in order to avoid having...