Walter Russell Mead, American Interest
Illinois taxpayers are facing huge liabilities for their state's bloated, poorly managed, and underfunded pension system, and public sector workers face an uncertain future, as taxpayers are unlikely to cough up the huge sums required to make good on the debt.Now everything is getting worse: S&P has downgraded Illinois bonds, meaning that the interest rate on the state's huge debt is likely to rise, squeezing the state treasury even further. As Businessweek reports:
Illinois taxpayers are facing huge liabilities for their state's bloated, poorly managed, and underfunded pension system, and public sector workers face an uncertain future, as taxpayers are unlikely to cough up the huge sums required to make good on the debt.Now everything is getting worse: S&P has downgraded Illinois bonds, meaning that the interest rate on the state's huge debt is likely to rise, squeezing the state treasury even further. As Businessweek reports:
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