Following up on the post yesterday about California pensions, here's another state with a pension mess--Illinois--
"Illinois's unfunded pension liability totals more than $80 billion, and pensions have been a significant budget pressure and credit negative for the state. . . . At present, Illinois's unfunded pension liability as a percentage of the state's personal income is the highest of states rated by Fitch and five times the median level. . . . " (source)
and how do the people in Illinois feel about this? Here's one letter written by an Illinois resident to the Chicago Tribune:
Obscene pensions - Chicago Tribune: "Obscene pensions May 04, 2012 To all state senators, state's attorneys, mayors, aldermen, judges and city flunkies and union heads: You knowingly and deliberately gamed the public pension systems to gain pension payouts that can only be described as obscene and more than you are worth. The only honorable thing would be for you to refuse your pensions from these sources. But who ever accused you of being honorable?"
Interesting sentiment expressed in the foregoing letter, but likely? No way.
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6 days ago