Comment: This is the other part of the bind rating agencies are in. On one hand you have fear of this, which encourages conservatism, but on the other hand you have Rahm and many others like him bullying for rosier ratings.
Mark was on with with Dan Proft and Amy Jacobson discussing Wirepoints' new report on the need for comprehensive pension reform, the push for a progressive tax and the potential for a federal bailout for irresponsible states like Illinois.
Wirepoints’ plan immediately cuts the state’s official unfunded pension and retiree health liabilities by over $70 billion, dropping debts to $120 billion from $192 billion. That reduction saves the state an average of $5 billion a year in retirement costs and reduces retirement costs as a share of the state’s budget to 17 percent from 26 percent.