Ground Zero for the state-pension meltdown is Springfield, Ill., and D-Day comes around 2018: That’s when the state that nurtured the political career of Barack Obama is expected to be the first state to run out of money to cover its retirees’ pension checks. Eight years — and that’s assuming an 8 percent average return on its investments. (You making 8 percent a year lately?)...In other Illinois news:
Taxpayers stuck with stinker
The hired guns of Illinois' governmental bodies
Related: Steven Malanga, WSJ: America's Municipal Debt Racket State and local borrowing as a percentage of U.S. GDP has risen to an all-time high of 22% in 2010.
Illinois Policy Institute: Letter to the Editor: Pension Borrowing Is a Terrible Choice
California Union Rebuke