Moody's: Chicago’s unfunded liabilities at $36 Billion

The Globe and Mail reports:

Moody’s pegged Chicago’s unfunded liabilities at $36-billion (U.S.) – almost twice the $19-billion reported by the city. Accounting gimmicks are one of the biggest reasons for the discrepancy. Cities have bet on a rate of return on pension investments above 7 per cent, although the yields on government bonds hover around 2 per cent.

There's more:

In Chicago, the average police pension is $55,000. For firefighters, it’s upward of $60,000. In 2011, 94 former Chicago police officers had pensions above $100,000, according to Taxpayers United of America.

The next Detroit?