Illinois Could Be The First State Ever To Go Bankrupt

[WalnutBaron]

For anyone who's drawing a pension from the State of Illinois, you must be awfully nervous. Illinois--according to a recent article in the Wall Street Journal--is in such terrible financial shape that "its bonds are worth less than junk". A huge part of the financial burden is the state's pension obligations and its inability to pay for other services because of those pension payments. Illinois may very well soon earn the dubious distinction of being the first state in the nation's history to declare bankruptcy. Here's one example of a series of recent articles on the subject: Could Illinois Be The First State To Go Bankrupt?

But it's not just Illinois. Kentucky, New Jersey, California, Pennsylvania, Nevada, New Mexico, Colorado, Texas, and Hawaii are also in very precarious financial shape owing to their massive pension obligations.

It is a ticking time bomb for those states and their taxpayers--and a looming threat for pensioners who are under the illusion that those pension checks will keep coming no matter what.

 

[lizap]

For anyone who's drawing a pension from the State of Illinois, you must be awfully nervous. Illinois--according to a recent article in the Wall Street Journal--is in such terrible financial shape that "its bonds are worth less than junk". A huge part of the financial burden is the state's pension obligations and its inability to pay for other services because of those pension payments. Illinois may very well soon earn the dubious distinction of being the first state in the nation's history to declare bankruptcy. Here's one example of a series of recent articles on the subject: Could Illinois Be The First State To Go Bankrupt?

But it's not just Illinois. Kentucky, New Jersey, California, Pennsylvania, Nevada, New Mexico, Colorado, Texas, and Hawaii are also in very precarious financial shape owing to their massive pension obligations.

It is a ticking time bomb for those states and their taxpayers--and a looming threat for pensioners who are under the illusion that those pension checks will keep coming no matter what.

Louisiana is in there too. I wouldn't want my financial future resting in these states' hands..

 

[ace2000]

• Yes, it is a ticking time bomb. And once our leaders get the courage to start addressing these budget issues, they get absolutely crucified by the news media.

 

[DeniseM]

I'm sorry, but this is a political topic and I am closing it.