Cook County and the State of Illinois are both lost causes financially. Since 1955 the state has been warned by auditors that the pension system was not sustainable but no politician wanted to stand up and change it because it would mean the end of his/her political career.
Cook County operates the same way. Lots of public/welfare programs, high salaries, generous benefits and lucrative pensions. Spend, spend, spend for several decades and now the time has come to pay the fiddler but SURPRISE, there's no money to do so.
Or is there........Yes. We can simply raise taxes to keep the BS pensions flowing. There, problem solved. Let the next generation of politicians handle the mess.
The only way the state and Crook County can fix the financial train wreck is to cut pensions, make people work till they are 65 instead of retiring after thirty years, cut salaries, end many of the social welfare programs, cut the number of paid holidays/sick days/personal days/etc.
But this will never happen. No politician except Rauner will stand up and say no more.
If the state were a regular business it would have filed bankruptcy a LONG time ago.