Join Wirepoints President Ted Dabrowski, Founder Mark Glennon and Policy Analyst John Klingner on the latest episode of Wirepoints’ Podcast: The Dialogue. They discuss the pain Illinoisans are in for as this state reaches a new level of pension debt: $530 billion.
To put that massive number in perspective, every Illinois household will be burdened with $110,000 in future taxes just to pay down that debt.
Piece discussed: Illinois pension shortfall surpasses $500 billion, average debt burden now $110,000 per household.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
Audio and summary 
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
There’s not much to be optimistic about. If you are okay with moving around the country, particularly after retirement, you can have a decent life. Obviously not all states are as messed up as Illinois, but choose wisely, and unlike government entities, live beneath your means.
Not mentioned are the demographics (people living longer) which is exacerbated by people retiring earlier. Public sector workers often draw pensions for as many years as they worked. Social Security projections and military pensions are basically unfunded but are promised by the same sovereign that can print money. Teamsters etc. are in bad shape but it appears that the federal government will bail them out a few years at a time. In other countries private sector pensions are rare. Generally, the military and the national government have seen to their own financial security but in many places the majority of… Read more »