the humble libertarian

out of many one

Monday, April 9, 2012

Illinois Admits $83 Billion in Pension Liabilities, $54 Billion in Retiree Health Liabilities, $9 Billion in Current Unpaid Bills; Who is to Blame?

Sane folks need to start bailing out of Illinois. It's a fiscal disaster because of powerful public sector labor unions. The taxes required to fund all these unfunded pension and healthcare benefits will be astronomical.
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...Who is to blame for this mess? Public unions. Politicians in bed with public unions. Voters who vote for politicians who are in bed with public unions.
Read the rest here
Mish's Global Economic Trend Analysis