Sinking into Lake Michigan
Illinois pension manager: "We are not in a death spiral!"
The SEC today: "Oh yes you are." "Illinois has one of the worst-funded pension systems in the country. Governor Pat Quinn and the state legislature are currently locked in a political battle as to how best to fix an unfunded liability of $96.8 billion - a gap so large, it has led Illinois to have the worst credit rating among U.S. states."