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Union Label Stuck to $137 Billion in Illinois State Debt

Phil323 Wrote: Apr 09, 2012 2:43 PM
The problem is that it’s very hard to believe that these contracts have been negotiated in good faith. When you have unions negotiating with the officials that they put in office through aggressive lobbying it’s not hard to see how you end up with these bad contracts. It’s the reason FDR said, “The process of collective bargaining, as usually understood, cannot be transplanted into the public service” (http://bit.ly/o2vxdp). To simply shrug at unions role in this debacle is disingenuous, and will only hurt the ability of states to stay solvent moving forward.

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...