Today's WSJ lead story, "Deficit Deal Even Less Likely," cites the near-term shrinking fiscal deficit coupled with a slowing increase in health care costs and "partisan gridlock" as the reasons.
In its "What's News" section just to the left is a related story many will fail to connect. But make no mistake, they're connected. In fact, the Illinois story holds part of the key to the deficit deal.
Illinois faces America's worst state-pension crisis, a nearly $97 billion shortfall. Higher borrowing costs are just one of the many negative ramifications of failing to resolve the issue.
In Illinois Democrats enjoy big majorities in the House and Senate, making the issue mostly an intraparty squabble. And that should tell you something about politicians in general. They are not now and never will be your friend.
Bottom line both of these entities, the federal and state governments, are doing their best impersonations of the EU. Postpone the pain for as long as possible. Postpone it long enough and maybe it will just go away.
It's just one more less subtle way of saying: "Not on my watch."
http://online.wsj.com/article/SB10001424127887324423904578521600404730028.html?
mod=ITP_pageone_0
http://online.wsj.com/article/SB10001424127887324423904578521651802578678.html?KEYWORDS=illinois+pension
No comments:
Post a Comment