Whitney says Illinois and New Jersey are the “worst” states when it comes to the negative feedback loop “because they have been doing it the longest.” Illinois’ public pension systems are the most underfunded among all U.S. state pension systems, with assets equal to just 43% of liabilities, meaning the pensions are 57% underfunded. Last week, the Illinois state legislature ended its latest session failing to adopt any type of fix, so Fitch Ratings downgraded the state’s credit rating, which is already the lowest in the nation. finance.yahoo/blogs/daily-ticker/meredith-whitney-worst-states-business-growth-122115417.html?vp=1
Posted on: Fri, 07 Jun 2013 18:54:03 +0000
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