Illinois to Spend More on Pensions than on Education

Folks, if you read through the archives here and over at you’ll learn why the above headline is able to be written in 2012. Republicans in Illinois have been such incredible failures that they have allowed the Democrats to screw things up this badly.

I’ve got news for anyone still thinking that the GOP here has the first clue about what to do: 2012 is not going to be a good year for Republicans in Illinois. Chances are very good that we will lose a congressional seat or two and even seats in the General Assembly. And 2012 wouldn’t be the first time that national Republican gains have accompanied loses in Illinois. Romney/Ryan can win, and we can take the U.S. Senate. Illinois Republicans will be waking up to more of the same on the morning of November 7th.

The above headline is from this post from the National Center for Policy Analysis:

The state of Illinois faces at least $83 billion in unfunded liability between its five pension systems, and is on track to spend more on its government pensions than on education by 2016, according to a new study released by Governor Pat Quinn’s office, says Fox Business.

Illinois faces severe underfunding in its pension system.

  • It reported a funded ratio of 43.4 percent, far below the 80 percent considered healthy.
  • Based on fiscal 2010 data, Illinois had the lowest funded ratio of any state, according to a June 2012 report by the Pew Center on the States.
  • Among states, Illinois stands out for setting aside a huge 12 percent of its annual budget just for its chronically underfunded pension.

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