Illinoisan residents are on the hook for $203 billion in public-sector retiree debt, about a third of the state’s gross domestic product in 2011, according to a new report released last week. “Politicians keep talking about the state pension problem,” said Ted Dabrowski, vice president of policy for the Illinois Policy Institute, a libertarian think tank, said. “Really our problems are much, much larger than that.”
Illinois’ public pension system owes current and future retirees $83 billion more than it has in assets, but that is less than half the problem, according to the institute's report released Wednesday. Public sector retiree health care and pension systems also are facing:
$15.5 billion in state pension obligation bonds;
$54 billion in unfunded state retiree health-care liability;
$38.2 billion in unfunded local government pension liability;
$10.7 billion in unfunded local government retiree health-care liability;
$1.9 billion in local government pension and benefit bonds.
However, local governments have $10.7 billion in unfunded retiree health-care liability, according to the report. “It hasn’t been nearly as well documented as the underfunding of pensions,” Dabrowski said. “These liabilities are growing.”
You can read Andrew's full report at: http://illinois.statehousenewsonline.com/8867/il-public-retiree-debt-at-203b-new-study-shows/
3 comments:
Love the picture. It speaks volumes.
If we ship all illinois elderly to the moon the state still couldn't balance it's buget. Because illinois politicians suck at there jobs!!!!
There will be no changes to the pension system quinn, madigan cullerton and the rest of the crooks will see to that.There must be something else they can take from the seniors. I am sure they are looking.
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