Tuesday, January 1, 2013

Illinois Pension reforms needed ASAP

Illinois still trying to "get its act together"--likelihood of success based on past track record? Probably zero--

Our View: Pension neglect costly; reforms needed ASAP - Rockford, IL - Rockford Register Star: "Illinois lawmakers’ failure to deal with the state’s unfunded pension liability costs taxpayers on a daily basis. The state got another hit from Moody’s Investors Service when the ratings agency revised Illinois’ credit outlook to negative from stable. The rating means it will become more expensive for Illinois to borrow money as it tries to fix up roads, bridges and schools in the state. Illinois has paid an extra $70 million in interest on $800 million in borrowing made in recent months, according to Treasurer Dan Rutherford. And it could get worse. Moody’s said Illinois’ rating could fall even further if the state fails to deal with its pension liability."


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