A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign
“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”
The problem isn’t ramps. The problem is slippery slopes. (James Woods talks about those in his zerohedge article). For 20 years, the pols have slipped down the slope a little bit more. The legislature scrimped a bit on pension contributions, the unions demanded a little more benefits, and the governors and mayors kicked the can incrementally. Everybody assumed a slightly better stock market with their investment crystal balls to cover up deficits. You didn’t have to report unfunded pension liabilities on the balance sheet. You could bury those in the comments section of the CAFR. But in 2014 you have… Read more »
There may be reason to worry that Illinois public employees will retire as soon as they are able on the theory that once their benefits are “in pay status” they will get some sort of favored treatment in the inevitable bankruptcy. Also, as I understand it, early retirement shifts the health insurance burden from the school district or other employer to the pension system. Health promises are not pre-funded to any particular extent and the retirees may not be eligible for Medicare for a few years, so these early retirements will drain the retirement funds more quickly. Meanwhile, the employers… Read more »