Illinois Is the Canary in the Pension Coal Mine, Says Adam Schuster – Reason.com
"...Chicago's pension debt alone is larger than that of 41 states.
That arrangement can't last forever.
"The worst-case scenario is there's another national recession, which would cause our pension funds to lose a bunch of their assets again," says Adam Schuster of the Illinois Policy Institute.
"As the assets shrink, the pension funds go into a financial death spiral.
We might end up with some kind of Puerto Rico–style pseudo-bankruptcy or federal bailout.
Everybody in the nation is now on the hook for Illinois politicians' irresponsible decisions."...
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