Pension Crisis Growing in Several States

Pension Crisis Growing in Several States

Particularly Illinois, where it has led to higher taxes causing many residents to flee the state, only making things worse.  The story notes “Moody’s Investors Service estimates unfunded liabilities in Illinois’ five state-managed pension systems at $230 billion for fiscal year 2019, equal to about 26 percent of gross domestic product. Moody’s also projects that the debt will grow to an all-time high of $261 billion for fiscal year 2020, owing to investment losses in markets riled by COVID-19.” National Review