Rome was destroyed by unfunded liabilities, will Illinois be the first domino to fall?

What Destroyed Rome was its Unfunded Government Employee Pensions

For whatever reason, that ancient tradition of 20
years of service remained an expected benefit if
you were to work for government that has been
handed down through the centuries. However,
the socialists have simply ignored the lessons of
the past and adopted the VERY SAME pension
programs that truly contributed to the Decline
and Fall of Rome? Economically, it was
precisely what we see today in our own society.
Today, what has emerged as the government
employees v the people such as in Greece, the
same trend has infecting everywhere. Greece is
merely a test run for what we will soon face in
virtually all governments – UNFUNDED
ENTITLEMENTS.
Link to PDF

Now that the proverbial can in Greece has been successfully kicked down the road, I wonder if Illinois will be the first domino to fall?

The bottomless pit

A setback for efforts to tackle enormous unfunded liabilities

The bill the Supreme Court struck down on May 8th was passed by state lawmakers in 2013. It reduced annual increases in pension payments, raised the retirement age and capped pensionable salaries. The bill was supposed to become law right away, but was held up by legal challenges and ultimately rejected by John Belz, a judge of the Sangamon County circuit, for violating the state constitution, which makes existing pension-contracts virtually untouchable. In a last-ditch effort to save the reform, the attorney-general, Lisa Madigan, appealed against the ruling to the state Supreme Court, but the court sided with Judge Belz. “Crisis is not an excuse to abandon the rule of law,” argued Lloyd Karmeier, one of the judges. “It is a summons to defend it.”

Illinois has piled up a whopping $111 billion in unfunded pension liabilities—the most underfunded retirement system of any state. In addition, it is $56 billion in debt for health benefits for the retired. It already devotes one in four of its tax dollars to pensions, according to the Civic Federation, a budget watchdog. Without the reform of 2013, say its advocates, this burden will keep increasing, which is why the well-being of Illinois citizens should override the constitutional protections given to pensions. This was the decision reached in Colorado and Florida, where annual pension increases for current and future public-sector pensioners were cut.
Link to article

They will cry for a bailout and the government will bring a bucket.
Don't ask where the money will come from, your grandkids will find out soon enough.

Harsh but true.

Not informing the children is a X2 F...up.

originally posted by: Bluntone22
They will cry for a bailout and the government will bring a bucket.
Don't ask where the money will come from, your grandkids will find out soon enough.

Can the US federal government play favorites? They refused to help Detroit but they'll bail out Illinois?

Is Illinois "too big to fail"? Would that be the logic?

If so, that's why I'm asking whether it would be the first domino to fall.

Could the US federal government make it a policy to bail out states (too big to fail) and not bail out cities like Detroit?

If that precedent was set, why would any state try to be fiscally responsible in the future knowing that it will be bailed out?

What a can of worms this would be, don't you agree?

a reply to: Profusion


Nobody cares about Detroit, but the state of Illinois has 20 electoral votes. But yeah, big can of worms.

20 yrs labor, retire at 45, and enjoy! I dig that.

a reply to: KZrkiller
Less attractive if the average age expectancy is 44.
I don't know the exact figure, but men were "old" then at a younger age than now.

originally posted by: DISRAELI
a reply to: KZrkiller
Less attractive if the average age expectancy is 44.
I don't know the exact figure, but men were "old" then at a younger age than now.

Full fight in the Colosseum for 20yrs, come out with a nice pension - (war regard) Apparently this isn't worthy for society anymore and just a drain on funds.

What is better in the end?
A state that pays out pensions at a reduced amount....
Or a state that is insolvent and can't pay anyone anything?

As others have already posted, the federal government can't start bailing out states, there will be no end to it.

a reply to: Profusion

Hellinois is in very bad shape. I see massive amounts of companies moving out of State. It's mind blowing.

Manufacturing jobs are quite slim, union jobs are down, most aspects of employment are down. Yet us small businesses are taxed and regulated to death. I'm not sure what's next, but it doesn't look good!

SnF

a reply to: Profusion

Nope detroit was the first it seems.