QUESTION: What Will Illinois Pension Recipients Do When Their Automatic Deposits Quit Coming ?

Many different sources | June 22, 2017

[Yosemitest]

"Show me a typical government worker that would do better in the private sector,
and I'll show you somebody that is already in the private sector. "

Not totally true.
There are many young military members, that will come out with a totally different mentality than when they joined the military.
They make great employees.
And some of them will start new businesses that will explode onto the market.

[Lonesome in Massachussets]

So what exactly are yearly deficits?

Borrowed money. Mostly. "Quantitative easing" is when the Government borrows from the Federal Reserve. The Federal Reserve buys US Federal Government Debt and gives the Federal Government cash in return. It was a policy that began under Obama, but should be outlawed. It is "Just printing money" with the promise to pay it back, basically a promise to raise enough in taxes and legitimate borrowing to take the magic quantatatively easy money out of circulation.

[Gideon7]

Illinois must change the clause in its state Constitution the prohibits the reduction of pensions

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Wait, it’s in their state constitution? Seriously?

[Lonesome in Massachussets]

New Yawk, Californicia, Taxachusetts, Connecticut, ....

[Leaning Right]

> Wait, it’s in their state constitution? Seriously? <

Yep, and such a clause is not unusual in state constitutions. From the Illinois state constitution, Article XIII Section 5:

Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired.