Only in the land of libtards does this kind of program happen. The “generous pension program” was designed to hold over the heads of the active troops to keep them following orders and paying Union Dues. As usual, they were using other people’s money and then it ran out. Like all socialism, it only works until you run out of OPM (Other People’s Money).
Detroit 2.0!
Well, on the one hand, would hate to see the city of Chicago or state of Illinois go through bankruptcy and all the negative consequences of such actions.
On the other hand, who has been running Chicago for so many decades??? Democrats and their union allies. Rahm Emmanuel has a huge problem on his hands. One thing he cannot do is blame this on the GOP in any way. This problem he faces was created by Democrats, aided and abbetted by Democrats, and is completely the fault of Democrat mismanagement of public taxpayer money.
Remember that you cannot save for retirement because you are paying for someone else’s retirement.
I don’t think a state can go bankrupt?