Is what is happening in Illinois in its government pension crisis a warning of problems of that type in other states in the future? Or is it that Illinois just has been reckless in awarding benefits and the day of reckoning has arrived?
Illinois faces a $100 billion shortfall in its pension program. The governor and members of the Legislature can’t agree on a plan to deal with the shortfall. Gov. Pat Quinn has blocked pay for legislators, stopped his own pay, in a move to try to get the members of the Legislature to act. This pension crisis reportedly is the worst in the country among states.
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