“[When a 2014 credit-rating] put Illinois on a par with Botswana…the Chicago Tribune asked what Botswana had done to be so insulted…”

Public pensions: America’s Greece? | The Economist.

I caught this witticism while listening this article on the way home from the gym yesterday.

Excerpt:  Mainly as a result of this gargantuan pension debt, Illinois’s bond rating is the lowest of all the states, which means dramatically higher borrowing costs. When the state government failed to address pension underfunding in its budget for 2014, two credit-rating agencies, Fitch and Moody’s, cut the state’s bond rating, which in Moody’s case put Illinois on a par with Botswana. (An incensed editorial in the Chicago Tribune asked what Botswana had done to be so insulted.)

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