When I moved here in 2000, the public service employee pension underfunding was around $50 billion. For those people who failed arithmetic or don’t really want to know, $1 billion is 1,000 million-dollar amounts. Now it’s around $20 billion and climbing.
Most any private corporation that underfunded its pension system this way would have been closed down, management put in jail, and other assorted penalties imposed for doing such an irresponsible thing. By whom? The government, of course.
Illinois is No. 1 in underfunded pensions in the United States. At least the state is No. 1 in something.
For those trying to do some responsible work in solving this problem, forget about it. The state House and Senate are ruled by Democrats (veto proof) and forever shall be. These same Democratic politicians have incestuous relationships (at least mutually symbiotic) with the noble public service unions and the all-knowing what’s best for us teachers unions. Don’t ever think that these hogs are ever going to leave the trough at which they suck the people’s gravy on a daily basis – especially the money of those of us who pay property taxes (look at your itemized bill).
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Collapse is coming, it’s just a matter of when. But that’s OK, as long as you get your slop, eh Democrats?