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Tag Archives: Public Pensions
Debt Option #3: Bankruptcy
BANKRUPT: bank·rupt /ˈbaNGkˌrəpt/ adjective: bankrupt (of a person or organization) declared in law unable to pay outstanding debts. . By all conventional measures, Illinois is bankrupt. The State Supreme Court would disagree, having said in its decision to strike down … Continue reading
Posted in Cost of Government, Public Pensions, State Government
Tagged Bankruptcy, Default, Pension Debt, Public Pensions
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Debt Option #1: Front-Loading Pension Payments
Long before I was elected to the House, I’ve been talking about Illinois’ pension crisis (here, here, here and here, to name a few). Since that time, our accumulated pension debt has risen from “just” over $100 billion to somewhere … Continue reading
Posted in Cost of Government, Illinois Budget, Public Pensions
Tagged Budget, Public Pensions, State Debt
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What to Do About Illinois’ Debt (And Death is Not an Option)
With more than $7 billion of unpaid bills and (depending on who you ask) $130-$200 billion in unfunded pension liabilities, a credit rating hovering just above “junk” status and people and businesses fleeing in droves, there are no easy answers … Continue reading
My New Year’s Wish for Illinois
It’s January 1, and we’re a little over a week from starting a new General Assembly and less than two weeks from swearing in a new Governor. Republicans in Springfield have no choice but to hope that despite being in … Continue reading
Cost Shifting is Buck Passing By Another Name
Governor Rauner certainly got everyone’s attention last week when he proposed that the employer’s share of pension costs be shifted from the State to local school districts. . The pension shift has been a topic of conversation for some time. … Continue reading