Why Illinois should file for bankruptcy | Rare
From the more than 1,000 politicians (including three former governors) convicted of corruption, to the virtually-insolvent defined-benefit teachers pension that is likely underfunded to the tune of $76 billion, Illinois is in deep trouble.
Prairie State politicians are actually attempting to make some fiscally-sensible decisions to whittle down its pension and retired civil servant healthcare liabilities.
Those efforts are being successfully opposed in the courts by public-sector unions such as the American Federation of State County and Municipal Employees and affiliates of the nation’s Big Two teachers’ unions.
The most-likely solution for Illinois to finally address its long-term burdens – and force public-sector unions to agree to them – is to follow the example set by woe-begotten Detroit last year and file for bankruptcy protection.
