The fiscal crisis of our dysfunctional neighboring state, Illinois, continues to deepen.
"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."
Might Illinois eventually default on its debt?
Indiana and other states surrounding Illinois, like Wisconsin, should continue to entice businesses in Illinois to jump across the state line.
It makes you wonder even more why Navistar would move their technical center from Fort Wayne to Lisle, Illinois, especially when their own internal studies showed their costs would increase annually by millions of dollars.
Illinois Bonds Downgraded over Pension Crisis | Via Meadia