Unfunded state and local government retirement debt is more than $260 billion and rising. Unfunded pension liabilities for the nation’s highest-paid government workers (overtime starts at 37.5 hours) are $130 billion and are projected to increase for at least through the next decade. Nearly 25 percent of the state’s general funds go to retirees (many living in Texas and Florida). Vendors are owed $9.5 billion. Every five minutes the population — down 1.22 million in 16 years — declines as another person, and an average of $30,000 more in taxable income, flees the nation’s highest combined state and local taxes. Those leaving are earning $19,600 more than those moving in. The work force has shrunk by 97,000 this year. There has not been an honestly balanced budget — a constitutional requirement — since 2001. The latest tax increase, forced by the legislature to end a two-year budget impasse, will raise more than $4 billion, but another $1.7 billion deficit has already appeared.
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The Belleville News-Democrat reported in October that Illinois’ bill backlog had reached nearly $16.7 billion, with 740 vendors owed more than $500,000 each. The Comptroller’s office is now using recent bond sales to work on the backlog.
The Comptroller’s office projected that Illinois would owe $800 million in interest and penalties on the overdue bills by the end of the fiscal year.
Sounds like a liberal fantasy land.
And he laid off some of the best employees in the business to pay for the move!!
One reason and one reason only..... So Sean and his genetic offspring would not have to move to Omaha.