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Let me tell you about the pension Obama in the state of Illinois which looks like it is about to explode.
The average debt per household in Illinois.
Debt owed just to pay off state woke up pensions is 41000.
Dollars every household.
Average debt in the city of Chicago when you throw in Chicago's retired workers 61000.
Dollars for -- household.
In my opinion on payable Kristina Rasmussen from the Illinois policy institute.
Joins -- now.
I don't see how you come possibly pay that off I just don't see it and you.
Well the longer you wait the harder it is cleaned -- cat and that's why Illinois politicians have finally.
Began to acknowledge that we needed pension reform at the state and local level now they spent some time on at this brain but the legislature in debt -- last month.
With no solution in hand and there was topics that the legislative leaders would continue these conversations over the summer with governor -- -- But it sounds like those have been put on hold and they could come back to it later this month but he's not okay.
Consider anything is there another plan.
On the table to reduce the amount of money there's going to current retirees.
Any such plan.
There are contacts we had a bill last year that didn't go anywhere and you are principles and -- this year but we've seen very little and legislative playing wage.
But the point of our report which shows that there's 203.
Billion dollars in state and local pension and retiree health care and related borrowing debt.
Is a sign into legislative leaders that we have a big problem bigger than.
Every little thing and I'm sort of -- and I'm trying to get -- clear idea that there is no plan.
To deal -- because unless you start -- how much you -- paying to current retirees you cannot deal with this -- Yeah -- -- right you've got to take on pensions retiree health care that they're really scary Atlantic Canada would not allow gonna be real clear here -- are going to be very clear.
You cannot deal with us unless you stop cutting the pensions which on now being paid.
You may tell me that that's impossible you can't do -- the lol what much of the constitution while much I don't -- you cannot deal with this problem unless you do that.
It'll be a very scary day if we get to the point when these funds run dry and we have a de facto cutting of these pensions.
Because there's simply no money left in the account to -- V it's.
Know what you're gonna do earlier how you gonna keep paying these pensions and you gotta keep cutting services you gotta keep not hiring people and firing younger workers that's what you gonna do.
That crap -- of fact is exactly what we're seeing an Illinois.
Most new dollars going to education in recent years -- headed towards teacher pensions not in the classrooms and we're seeing good -- government services to the poor and disadvantaged.
Crowded out by -- government employee retirement to act so we actually we actually had to figure out what our priorities -- Are we going to keep going with these lavish benefits are we gonna come up with solutions and that's fair -- state workers and for taxpayers.
Time you've got to have a crunch and is coming soon it's gonna be a national headlines Kristina Rasmussen thanks for joining as we appreciate -- -- -- thank you.
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