Illinois Foreshadows the Future of US Pensions

Are you paying attention to what is happening with the pensions in Illinois? If you’re like most people who don’t live in Illinois, you’re wondering why you should care since it isn’t your state, right? A judge just ruled that the State of Illinois has to use 100% of their (tax) income to pay for the pensions. They are not allowed to reduce the pension amounts promised. It would seem obvious that, if all the taxes are going to pay for the pensions, there is nothing left for “all the other services.” So, what went wrong here? And, why...

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