The board that oversees the pensions of Illinois state workers voted Tuesday to pull $2.4 billion from managers that try to handpick winners and place that money with lower-cost funds that track market indexes.
Illinois has announced $2 billion more in additional borrowing from the Federal Reserve. Only one state or city in the entire country has borrowed from the facility since its inception: the state of Illinois. All others have successfully raised billions from the traditional markets during the pandemic.
The strategy of shutting much of the state down – from lockdowns to school closings – has done far more harm than good, in part because it’s taken health officials’ eyes off of the elderly and the infirm.