While politicians dither, Illinois public pension funds forced to sell tens of millions of dollars of assets to pay retirees
Read this and lose hope, all ye who believe that the election will solve much. The bad news continued to worsen even while politicians offered up their non-solutions to Illinois' budget problems.
Said this Bloomberg story:
The Illinois State Board of Investments, which manages about one-fifth of pension funds, can't wait, William R. Atwood, its executive director, said in an interview. The board is selling $80 million of assets a month to pay benefits, he said.
"We're not planning on the election solving our problems," said Atwood. "We have to prepare for the worst."
No one is sure what the "worst" is, but it won't be pretty and it won't be easy. Look out, below.