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There’s red ink flowing over every level of government — villages, towns, cities, and, of course, the State of Illinois, which is the biggest fiscal train wreck, followed by the city of Chicago and its public schools.

Comment: DEFCON 1 is now, for Chicago.

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Mike

Step 1. Add sentence to State Constitution in 1970 stating pension and “retirement system” benefits are contractual and cannot be diminished or impaired. Step 2. From 1971 on, unions lobby for and receive hiked pension and retiree healthcare benefits even though they are underfunded because funding doesn’t matter because the benefits cannot be diminished or impaired. Administrators and politicians are in pension systems also so they don’t complain. Step 3. Minimize the effects of the scheme to the public. When looking at the effect of legislative pension and retiree healthcare benefit hikes, only go back to the mid 1990’s, not… Read more »