The Illinois plague: can it be contained?

While not new, again causing problems in Illinois is the state of the pension plans. There do not seem to be any options for the state. Maybe Obama can chip in for old time sake?

Harvey, IL pension crisis ‘canary in the coal mine’

By Rick Moran — April 20, 2018 | American Thinker

Harvey, Illinois is in the midst of a financial crisis that represents the tip of the iceberg for literally hundreds of small towns in Illinois.

The city of 25,000 in the far northwest suburbs of Chicago is suffering from high unemployment (22%). An astonishing 32% of the population lives below the poverty level. This is a deadly mixture that has caused catastrophic shortfalls in revenue, leading to a crisis in funding pensions for the city’s retired workers.

Since state law prohibits municipal bankruptcy, Harvey has been forced into a situation Illinois has never seen. In February, the state began to garnish Harvey’s revenue to fund its pension liabilities. The city was forced to lay off 40 police and firemen – 25% of police employees and 40% of firefighters. This, in a city already known for high levels of crime.

The irony is that the state of Illinois’s own pension crisis is even worse. But fear is growing that unless a massive infusion of pension money is forthcoming from the state, dozens of towns will suffer a similar fate as Harvey.  ……./

Read more: https://www.americanthinker.com/blog/2018/04/harvey_il_pension_crisis_canary_in_the_coal_mine.html

Or maybe by the time Obama gets his library built, he will have to hire his own police force and fire department there to protect it. Maybe pay for the plowing and road repair too.

Advertisements

Comments...

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s