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As pension debt climbs in Illinois, other programs suffer

January 14, 2013 By 4 Comments

Illinois Pension ScamThe college scholarships are just one casualty of the multibillion-dollar Illinois pension crisis continuing to wreak havoc with the state’s budget, siphoning cash away from areas such as education, public safety and human services and jacking up the cost of borrowing money for the state and its cities, counties and school districts.

The financial crunch will only worsen after lawmakers failed to enact reforms in the legislative session that ended last week. If they don’t pass a bill before the next session ends at the end of May, the state’s unfunded pension liability — currently $96 billion — will have ballooned by another $2.45 billion.

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Illinois’ annual pension fund payment is expected to increase by about $1 billion to nearly $7 billion in the fiscal year that starts in July. That’s more than 16 percent of the state’s general funds budget, up from 6 percent in 2008.

Continue reading at the Springfield Journal-Register….

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Filed Under: Education, Education Spending, Public Pension Crisis, Top Stories Tagged With: , ,
  • ftn1600

    If these decisions entail any cuts to teachers and Ol’ Lardass Lewis is denied her 3 buckets of Church’s Fried Chicken per diem, I’ll be the first to say : —–”Then, Do It, You Pack Of State Congressional Village Idiots !”

  • Wolf

    All the basic functions of the Public Sector decline because of the bloated Public Sector operations with their 50% over staffing, compensation and fraudulent millionaire pension plans. All the Public Sector operation costs constantly climb to cover the continuous increasing costs of their excessive headcount costs. The cost of Public Education including the Public Universities is climbing by the same excessive rate seen throughout the entire Public Sector operations and impacting the ability for students to attain a College Education. The basic functions that the Public Sector are there to provide are deteriorating and declining because their employee costs are excessive and swallow over 80% of the already oppressive taxation revenues. It is clear that the taxpayers just cannot afford 23 million millionaires of the public sector. The Public University Systems present the same excessive tuition levels that are seen in the Public K-12 operations with its student costs that are more than 300% of those in the functional and efficient private and parochial educational systems and cause the excessively high property taxes that are destroying the taxpayer families. It is clear that the Public Sector operations are the real cause of the near term impending bankruptcy of the nation and states and municipalities.

  • concerned taxpayer

    It is preposterous that more money goes to pensions than to educate current students!