Illinois’ public employee pension fund is underfunded by over $115 Billion dollars. They raised income and corporate taxes, but gave a lot of it back when big corporations (e.g., Caterpillar) threatened to move out of state.
If Cat goes, Peoria becomes a slum. If John Deere goes, Moline becomes a slum. Actually, it’s already moving in that direction. Iowa is just across the river. Lots of Deere employees live here and a lot of manufacturing is done here.
Illinois is a dying state due to corruption and extremely generous public sector union pensions = the Blue Model.
“Illinois is a dying state due to corruption and extremely generous public sector union pensions = the Blue Model.”
Just like NJ...
“Illinois’ public employee pension fund is underfunded by over $115 Billion dollars.”
20% of the entire state budget of IL goes to pay interest on the pension debt, not pensions, just interest on the debt! That state is screwed.