The deeply troubled world of public pensions in Illinois got another nail in the coffin this week with a scathing report indicating the system is destined for failure, unless political action is taken soon.
Bloomberg reports that the State Budget Crisis Task Force – headed up by Paul Volcker, former U.S. Federal Reserve Chairman, and former New York Lieutenant Governor Richard Ravitch – issued a report indicating that the Illinois system is "destined for insolvency" unless the highly political and inefficient state budgeting process can be reined in and simplified.
"Illinois is unquestionably in more serious shape than any other single state, because of all the years of issuing bonds and the deficits they deal with by borrowing money," Ravitch told Bloomberg.
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