Why would anyone loan money to states like Illinois?
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Future purchasers of bonds will be much much more hesitant to purchase, and thus future probability for pensioners to receive what was promised less likely. This is akin to eating your seed corn.
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Never buy an unsecured bond from any muni. Never by ANY bond from a blue state. Liberals are challenged when it comes to keeping promises and accepting responsibility.
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Who knows. Maybe the federal government will back the dump trucks up to the US Treasury and fill them full of bailout $$$ to keep Illinois solvent-ish.
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But if you started working toward your pension in the past, what, 20 years then you should have considered counterparty risk in your financial calcs (in a world with perfect information).
End of conversation
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Because public employee union votes are all that matters in the Tammany Hall Dem politics of The Illinois legislature.
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And they won't be paying them much longer! Decades of graft and corruption has turned the State into shithole!
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Good to hear, makes sense.
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