by Mike ‘Mish’ Shedlock
The Street
JPMorgan’s latest pension graphic captures so much of what’s wrong with Illinois’ collapsing finances.
Illinois was in an actuarial mess long ago. Covid-19 makes it harder to ignore says Wirepoints.
The chart by Michael Cembalest shows Illinois was paying about 25% of its budget for pension costs.
Before Covid-19, Illinois should have been paying over 50% to be sound on an actuarial basis. Now, the true costs are 58% of the budget.
Illinois has the worst funded pension plans in the nation. That was true before Covid-19 as well.