Chicago's Financial Disaster: Rahm’s troubles plentiful, allies scarce

The Chicago Sun-Times reports:

Mayor Rahm Emanuel knew the second term that he spent $22 million to win would be a mountain of trouble. But even he didn’t expect it to be this high a climb and this lonely along the way.

Much has changed since April 7, when an exhausted Emanuel claimed victory in Chicago’s first-ever mayoral runoff.

A junk bond rating that not even Emanuel saw coming has made the city’s $30 billion pension crisis worse — by triggering $2 billion in added borrowing at higher interest rates and saddling Chicago taxpayers with hundreds of millions of dollars in penalties.

A Republican governor with whom Emanuel had a personal friendship and thought he could do business has turned into a stubborn political wild-card.

The Democratic House speaker appears to be more preoccupied with staring down the governor than he is with helping pull Chicago away from the financial cliff.

And a federal investigation of alleged contract irregularities has forced the resignation of Emanuel’s hand-picked schools CEO, leaving a power vacuum at the Chicago Public Schools when strong leadership is needed most.

The great moments of Blue America.