Credit ratings agencies sound alarm over local pension debt in Illinois https://t.co/pYt7Yi56OJ— AM 560 The Answer (@AM560TheAnswer) May 21, 2018
George Will: In Illinois, a looming battle over the bankrupting 'blue model' https://t.co/z4KWdjxJ1v via @cstribune— Wirepoints (@Wirepoints) November 17, 2017
"Self-government has failed in the nation's currently fifth-most populous state (Pennsylvania soon will pass it)."
The state is approaching a death spiral — departing people and businesses suppress growth; the legislature responds by raising taxes; the exodus accelerates.
...What is already admitted to? "Unfunded state and local government retirement debt is more than $260 billion and rising.
Nearly 25% of the state's general funds go to retirees (many living in Texas and Florida).