https://blog.thomas-bray.com/tags/pensions/Recent content in Pensions on Rabid CuriosityHugoen-usThomas BrayTue, 17 Mar 2026 11:05:00 -0500https://blog.thomas-bray.com/posts/public-finance-illinois/Tue, 17 Mar 2026 11:05:00 -0500https://blog.thomas-bray.com/posts/public-finance-illinois/<h2 id="illinoiss-fiscal-crisis-in-context">Illinois&rsquo;s Fiscal Crisis in Context</h2> <p>Illinois is the cautionary tale of American state finance—a large, productive economy with a world-class city at its center that has nonetheless accumulated one of the worst fiscal positions of any state in the country. Understanding Illinois requires separating the genuine structural problems from the political dysfunction that has prevented their resolution, and being honest about how much of the crisis was a choice rather than an accident.</p>