Friday, July 7, 2017
The Illinois Pension Crisis: the Good, the Bad, and the Ugly
The state of Illinois is in deep economic trouble because of it’s bloated and underfunded pension crisis to the tune of $126 billion.
Like Social Security, pensions are a giant Ponzi scheme.
The first people in are assured a healthy payout; it’s those who retire later (and the taxpayers) who are left holding the bag. Illinois pensioners most likely will ask for two things (1) raise taxes to bail out the failed pension system and/or (2) call on the Federal government to bail out the failed pension system. But the Federal government doesn’t have any money. The money the Federal government has is taken from taxpayers or floated as debt to be paid off by future wage earners in a future that keeps getting kicked down the road. The result will be that you and I (and our children, grandchildren, and great-grandchildren) will be called on to bail out a corrupt state’s economic failures.
Illinois isn’t the only state or city in pension trouble......To Read More.....