Illinois' unfunded pension worst in the nation
Andy Martin says Illinois should file for bankruptcy
Bankruptcy is Illinois' only solution says, Martin
Illinoisans are living in a daydream. Politicians promise they can somehow some day make up the deficit in their public accounts, which runs to almost $100 billion with pensions figured in.
It can't happen. The government has an unsustainable model. Illinois can never tax its way out from under the mountain of debt that was created over the decades. The state's unfunded liabilities are getting bigger, not smaller, every day.
Bankruptcy would allow the court to balance assets with liabilities and provide realistic pension benefits going forward. Bankruptcy would also be the best way to avoid state tax increases. But if the state were to file Bankruptcy the City of Chicago and Cook County will soon have to follow. They are also bankrupt.
Andy Martin says Illinois should file for bankruptcy
Bankruptcy is Illinois' only solution says, Martin
Illinoisans are living in a daydream. Politicians promise they can somehow some day make up the deficit in their public accounts, which runs to almost $100 billion with pensions figured in.
It can't happen. The government has an unsustainable model. Illinois can never tax its way out from under the mountain of debt that was created over the decades. The state's unfunded liabilities are getting bigger, not smaller, every day.
Bankruptcy would allow the court to balance assets with liabilities and provide realistic pension benefits going forward. Bankruptcy would also be the best way to avoid state tax increases. But if the state were to file Bankruptcy the City of Chicago and Cook County will soon have to follow. They are also bankrupt.
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