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Union Label Stuck to $137 Billion in Illinois State Debt

Phil323 Wrote: Apr 09, 2012 2:33 PM
Pensions are becoming more and more volatile, and it’s hard to find anywhere more so than in Illinois. With liabilities mounting and returns underestimated (http://on.wsj.com/qB3BON), the danger to taxpayers will continue to grow (http://nyti.ms/p9JEUG). If some form of reform isn’t introduced to state it won’t be long before the state ends up like Rhode Island, on the brink of total insolvency due to pension mismanagement (http://nyti.ms/wn7HlE).

Illinois has combined $137 billion in pension and healthcare liabilities on top of $9 billion in current unpaid bills. Yet, Illinois legislators will not even ask 6-figure pensioners to pick up a portion of their health premiums.

The Chicago Tribune reports Surprise! You owe another $54 billion

If Springfield won’t ask six-figure pension beneficiaries to pick up a portion of their health premiums, what are the odds that state legislators will confront their pension monster?

The state of Illinois admits to $83 billion in pension underfunding, a staggering weight on today's...