Illinois’ pension debt has skyrocketed to $130 billion in 2016. That is up from $111 billion in 2015. This information comes by way of theCommission on Government Forecasting & Accountability. That means that State pension funds now have only 38 cents on hand for every dollar they need today to pay out future benefits.
This is the land of Chicago politics, Barack Obama and Saul Alinsky. It is a State government owned by labor unions and Progressive activists. All that understood, is it any wonder that the State is in the financial abyss that it's in?
Additionally, this pension debt is only going to get worse, as unions manhandle Progressive and Liberal Democrat politicians in the State's capital and Chicago. Adding a turbo-charge to that is the fact that corporate and personal taxes are so high in Illinois that many companies and residents are leaving for more tax friendly States.
Balanced budget amendments and tax reforms - both personal and corporate - are the only salvation for States like Illinois, California and New York. They exist in a state of spendthrift, and unless there is radical change (and that only comes from courageous leadership, something politicians seldom understand) these States will collapse, laying in wait for the next Left-leaning federal administration so they can request bailouts.