lawmakers and unions

[dmarc117]

http://www.nytimes.com/2010/06/20/business/20pension.html

 

“We’re within a few years of having some of the pension funds run out of money,” said R. Eden Martin, president of the Commercial Club of Chicago, a business group that has been warning of a “financial implosion” for several years. “Funding for the schools is going to be cut radically. Funding for Medicaid. As these things all mount up, there’s going to be a lot of outrage.”

 

Joshua D. Rauh, an associate professor of finance at Northwestern University who studies public pension funds, predicts that at the current rate, Illinois’s pension system could run out of money by 2018. He believes the funds of other troubled states — including New Jersey, Indiana and Connecticut — are also on track to run out of money in less than a decade, unless they make meaningful changes.

 

If a state pension fund ran out of money, the state would be legally bound to make good on retirees’ benefits. But paying public pensions straight out of general revenue would be ruinous. In Illinois’s case, it would consume about half the state’s cash every year, bringing other vital state services to a standstill.

[bushwacked]

Lawmakers are the next bubble.

[SEC=UGA]

Kill em all.

[rocknrobn26]

No dis, but if you want to know the history of the teacher's pension system, I'd be happy to share.

BUT, NOTin a forum...too complicated and I'm not willing to wear out my feeble fingers typing. BTW...unions had nothing to do w/ it. It's a state mandate, in the state constitution.

PM your voice # or PM and request mine.