Illinois pension debt worst in nation - Rockford, IL - Rockford Register Star: "The state’s pension debt will exceed $44 billion this summer, increasing at a rate of about $120 per second, according to Gov. Rod Blagojevich’s administration. The debt already tops $42 billion — enough to give every one of Illinois’ 12.8 million residents a check of $3,300 or buy 937,000 Cadillacs at $45,000 a pop.
The combination of debt in terms of both money and percentage gives Illinois the infamous distinction of having the nation’s worst pension problem, according to an Associated Press review of records and interviews with experts. And there’s no solution in sight."
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The problems that HOAs and condo associations are starting to have with finances are coming at a bad time, because a number of state and local governments are in trouble. Illinois is a fiscal basket case. When the bozos in Springfield do the annual budget Kibuki play, they speak in terms of a $2 billion or $3 billion dollar deficit that they have to cover. They ignore the fact that they have systematically refused to make their full payments to the five state employee pension funds for about 20 years running. Now the pension debt is $44 BILLION.. And climbing.
Not to mention the fact that private pension plans are hurting. And the baby boomers start to hit retirement age in 2011, which is only 3 years away.
Oh--and the generation that is supposed to keep Social Security alive for us is convinced that the human face looks great with five pounds of metal stuck through it.
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