Op-ed by Robert Pozen and Joshua Rauh, includes “… If you invest in bonds of local governments, you had better be on guard. While states are not permitted to declare bankruptcy, cities may, and a number of them have done so in the recent past. … You may have read that Chicago is facing a pension crisis. Other large cities also have been facing daunting pension challenges even before the pandemic hit. These pension challenges are taking place not just in politically ‘blue’ states, but also in a few ‘red’ states such as Texas. …”