Only one of two things can happen here. The pension system goes bankrupt along with Chicago and the State and everybody in the system takes gas or there will be massive tax increases which will decimate the state for years to come. We won’t need many teachers and government officials because people are moving out and the state’s population is dropping. This will accelerate with huge tax increases and of course business will desert because they won’t want to pay the taxes. It is clearly a death spiral that cannot end well unless there is some serious compromise. We have an over the top, ridiculously generous pension system that needs to change. I would trade my pension from a major electronic company where I worked in a responsible position for decades sight unseen with about any teaches pension. I would end up with two or three times as much money and cost of living increases to boot.
Only one of two things can happen here. The pension system goes bankrupt along with Chicago and the State and everybody in the system takes gas or there will be massive tax increases which will decimate the state for years to come. We won’t need many teachers and government officials because people are moving out and the state’s population is dropping. This will accelerate with huge tax increases and of course business will desert because they won’t want to pay the taxes. It is clearly a death spiral that cannot end well unless there is some serious compromise. We have an over the top, ridiculously generous pension system that needs to change. I would trade my pension from a major electronic company where I worked in a responsible position for decades sight unseen with about any teaches pension. I would end up with two or three times as much money and cost of living increases to boot.