Op-ed by Jim Dey, includes “… A proposal discussed at a pension forum jointly held by the Federal Reserve Bank of Chicago and Civic Federation demonstrates how ugly potential solutions might be if state officials are serious about addressing the underfunded pensions. Now, don't panic. The Fed's proposal is so draconian as to be politically tone-deaf. But the fact that financial experts consider it a potential solution indicates the depth of the problem our governors and legislators first created and then have tried to ignore.”