"...Democratic leaders in those states are pushing the federal government for billions in funding to shore up underfunded public pensions.
Democrats in Congress have made bailouts for state and local governments a major priority for the next round of coronavirus stimulus, even allowing a major small business loan program to run dry...Some states now seeking bailouts are in part covering for more than a decade of economic mismanagement, having chased increasingly risky investments to fund generous benefits at low up-front costs.
Bailouts would allow states to dodge hard questions about the viability of excessively generous public pensions.
...Andrew Biggs, a pension expert at the American Enterprise Institute, told the Washington Free Beacon that a bailout for Illinois could break the dam of federal funding:
"If Illinois got money, then everybody's going to ask for it, because all of these pensions have some level of funding problems. I think this is the feeler to see what happens."...
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