Illinois Pension Crisis to Spread Across U.S.

A major pension crisis has made its way to Harvey, Illinois. Now, the whole State might suffer while you foot part of the bill…

Peter Reagan, June 5, 2018

In a city with 20% unemployment, property taxes over 5%, and home values declining by 80% over the last decade, greed and incompetence from Harvey, Illinois’ government seem to have a higher priority over solving economic problems.

Since Illinois doesn’t allow cities to file bankruptcy on pension debt, each fund has to be “paid.” So Harvey has to cough up tax revenue to pay down its debt.

But the funds aren’t there, and robbing Peter to pay Paul can only last so long.

Citizens of All 50 States Will be Affected

The pension crisis unfolding in Illinois serves as a stark warning to local governments across the country.

According to a mid-2017 report by Lombardi, all 50 states might experience profound pension challenges:

“A study of the 649 different pension systems…found systematic problems with the assumptions underlying many trusts… This will have profound effects on citizens of all 50 states… In short, a pension crisis is in the works.”

The “crisis in the works” is unfolding, now. Back in 2012, 37 of 50 state pension plans were underfunded. Six years later, almost every single state in the Union has an “unbalanced budget due to runaway pension costs”.

Plus, outdated State pension plans are eating up the tax revenue of their respective state budgets.

How to Hedge Against the Risk

As “hidden debt” eats away at state budgets, you might end up footing the tax bill. The implosion of an outdated pension system could result in retirees losing all of their retirement benefits.

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It’s an excellent option for anyone who wants to take advantage of this opportunity with any savings in their retirement account.

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  • rick meek

    Well – that’s what happens when ya buy votes with employment benefits ya can’t afford…..

  • Mike from Texas

    A lot of those peoples pensions is more than I made in a month.

  • Dr. Mike Reeder

    Why are the pension funds underfunded? I think less due to rising costs that greed and incompetence. We put leaders in place to lead. That is, to look at the future and make adjustments. There is plenty of data out there stating where we are (and were) headed. These folks in Illinois didn’t look beyond the end of their noses and in fact, used retirement funds to help balance budgets for way too long. They HAVE CREATED THIS CRISIS and must be held accountable. Illinois is worse than just in debt. They have a leadership culture that is an entitlement minded democratic machine and that must STOP, immediately. Most of their policies do not serve the people but only themselves. Mr. Trump is considering pardoning disgraced governor Rod Bagovitch. I pray he does not! There is no easy fix for incompetence but everyone of us must step up now and remove those folks from leadership positions, install REAL leaders, and get ready to tighten the belt. We’re going to need to.