From the City Club of Chicago, Sen Heather Steans (D) joins Laurence Msall of the Civic Federation and Adam Schuster of the Illinois Policy Institute, as they cover the depth of the Illinois money pit known as publicly funded pensions.
What is clear from this discussion is that the state has failed to defuse the pension bomb, with every year the payments needed from state revenues to pay for pensions are draining the state’s ability to pay for education, police and emergency services, and the very functions of government that citizens expect a state to provide.
Is there an answer that can stop the pension debt bomb from destroying the state’s financial future?
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No way, just don’t label the bond “junk” that solves all right IL? Idiots
aLL i HEARD WAS "LETS RAISE TAXES", SAME OLD SAME OLD!
There is no money. Only "IOU's. Since we left the gold standard in 73, our economy is based on simply printing more money. We no longer "pay" national debt, but subordinate it with increased GDP. Don't clean the litter box, just poor more litter and the poop is "smaller".
Let’s tell the truth the number one problem and the political mafia boss crooked Michael Madigan puts the stamp of approval on everything that happens in Illinois he is in charge of the books and the rules this started to get bad in the 90s just remember crooked Michael Madigan is the boss or I call him the political mafia!!😤🤬💰😩😳🚬🚬📸
Why is there pensions that makes a person a millionaire?
14:51 starts reality
Wonder what its gonna look like when it pops?
I VACATED my birth state of illinois due to corruption/fraud in the court system…Title IV matching federal funds are an essential source of revenues for that cash strapped cess pool. For those still living there flee while you can, the corrupt/fraudulent courts will deny your due process rights without batting an eye.
#LETITBURN
The change has ,needed to be ,a lot less government, a lot ,less spending , a lot more accountability by elected person,s, that think ,official ,mean,s god,when what it really mean,s is theave,s.
I give Chicago 4-5 years till bankruptcy then we will have a snow ball effect here in Illinois
Article 1 Section 10: No state can pass legislation prohibiting the execution of contracts.
A pension is a contract.
Those who do not exit Illinois now will be stuck with the bill AND the pain!
These fools in government, who got the city/state into this mess, simply can't "fix" this basic mathematical problem because they're too incompetent and made crazy promises to get elected….In no way is the citizenry obligated to pay for these political bribes…Vote with your feet. The end for Chicago is near!
Debt Bomb Ticking, Bankruptcy Coming.
The Pension debt ???WTF now????
Illinois Congress is Sticking too much money in their pockets each and every year. Like Bogoiavich, George Ryan, Illinois is a big RIP-off. That's why everyone is leaving Illinois, We pay the highest taxes in our Country. And nothing ever gets done. We cant take care of our homeless, our old in nursing homes, our helthcare sucks . Illinoisans dont have jobs that that is even a living wage. All living wage jobs are going too Ohio, California, Michigan . They sure aren't coming to Illinois. Illinois is the RIP-off state of America…..👈🤨🇺🇸
Illinois has a new slogan: " we break promises often and daily " don't forget Democrats are the problem
I'm would make a bet Illinois is not going to continue long term to make pension payments.
A haircut is coming to these Pensions like it or not.
Wisconsin is looking pretty good.
The Smart people are leaving Illinois.
I live in Illinois and I don't owe these people receiving pensions Nothing, these people receiving pensions are stealing money from Me and other People in Illinois…democrats have made the promises they cannot keep now it's time to say we don't have the money take the haircut of 75/80% or get nothing and they can thank the democrats of Illinois from the past 80 years for this great corrupt state of Illinois.
The only way out is the people receiving pensions 20/25 cents on the dollar
Move that's the only sure fire way to to escape the Illinois tax thieves.
The pensions must be cut and phased out or replaced w/ 401k employee contribution plans.
I'm just laughing not because the situation is funny is that the ones in charge have no interest in fixing the issue. The most honest thing to tell people is….MOVE. This is nothing more than reaffirming what people already know and have known for years. And to constantly kick a dead dog with meetings and conferences like this is wasteful.