- Pension liabilities: The invisible threat
"The perception out there — Beware of Illinois! — is mostly due to state government’s irresponsible stewardship of the people’s money.
Illinois has an enormous hole in its state employee pension system. The latest estimate is a $137 billion unfunded pension liability — essentially, money promised to government retirees that Springfield hasn’t set aside.
Chicago and other Illinois cities have their own menacing budgetary and pension woes.
There are several ways for Illinois to climb out of its pit:
- Spur job growth to create more taxpayers;
- cut government services and benefits;
- raise taxes on everyone who resides in the state and chooses not to leave.
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