Illinois Is the Canary in the Pension Coal Mine, Says Adam Schuster

Illinois is running out of time to fix its public sector pension problem. A new report from Moody’s Investors Service identified the Prairie State as one of the two most likely to suffer during an economic downturn. Illinois towns and cities are already paring back government services to pay for generous benefits packages for retirees, and Chicago’s pension debt alone is larger than that of 41 states. That arrangement can’t last forever.