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JP Morgan: Illinois and New Jersey pension deficits are ‘practically irreversible’

OCTOBER 31, 2018 | by Gary St. Fleur | VALUEWALK

“… Certain states, such as Illinois and New Jersey, possess pension systems that have deteriorated to the point of being irreversible says Mr. Cembalest. … Interestingly enough, there is a correlation between those states with the most underfunded pensions and the amount of debt issued by the state. In the $3.7 trillion municipal bond market this maybe cause for concern. The collapse of several state pension system would undoubtedly have the capacity to cause harm to the overall municipal bond market.”

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