Illinois, with the largest unfunded pension and health care liability among U.S. states, is a âposter childâ for municipalities that have borrowed money to cover up budget deficits without addressing spending issues, said R. Eden Martin, president of the committee. Since the U.S. economy went into a recession in 2007 the $2.8 trillion municipal bond market has been a âslow-motion collapse of a very large building,â as cities and states borrowed, Martin said.
âCollapseâ To Come
http://www.bloomberg.com/news/2010-...risis-draining-state-services-group-says.html
âCollapseâ To Come
http://www.bloomberg.com/news/2010-...risis-draining-state-services-group-says.html