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Illinois is broke with $15 Billion in unpaid bills and $251 Billion in future pension obligations. Is Illinois the first of many dominos to soon fall?
Manage episode 182321329 series 102631
The state of Illinois is on the verge of bankruptcy. $15 Billion in unpaid bills and no budget plan going on 3 years running. The state legislature in Illinois has worked out a budget deal that’s suppose to pull the state back from the brink but it won’t! The budget bill doesn’t reform the pension problem in a meaningful way and it’s the underfunding of state pensions that has largely led to this debt in Illinois. The future obligation to pensions in Illinois is $251 billion! The state legislature thinks raising $5 billion in taxes by increasing the state income tax by 32% is a good idea! When will these politicians learn?
106 episode
Manage episode 182321329 series 102631
The state of Illinois is on the verge of bankruptcy. $15 Billion in unpaid bills and no budget plan going on 3 years running. The state legislature in Illinois has worked out a budget deal that’s suppose to pull the state back from the brink but it won’t! The budget bill doesn’t reform the pension problem in a meaningful way and it’s the underfunding of state pensions that has largely led to this debt in Illinois. The future obligation to pensions in Illinois is $251 billion! The state legislature thinks raising $5 billion in taxes by increasing the state income tax by 32% is a good idea! When will these politicians learn?
106 episode
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