The deeply troubled world of public pensions in Illinois got another nail in the coffin this week with a scathing report indicating the system is destined for failure, unless political action is taken soon.

Bloomberg reports that the State Budget Crisis Task Force – headed up by Paul Volcker, former U.S. Federal Reserve Chairman, and former New York Lieutenant Governor Richard Ravitch – issued a report indicating that the Illinois system is “destined for insolvency” unless the highly political and inefficient state budgeting process can be reined in and simplified.

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