Salman Khan of the Khan Academy has lots of videos on business and economics. Here is a great one. He takes us through the problem of unfunded liabilities. These are growing so fast in Illinois that they cannot be funded much longer.
In 2018, more Illinois taxpayers’ money will go to retired teachers than to pay for the operation of the schools.
Do you think taxpayers will close schools in order to pay retirees? I don’t.
Khan offers no suggestions. I do. The state will declare bankruptcy, or else get the Feds to fork over the money.
The state will not pay the pensioners. That is crystal clear. They can kiss their golden years goodbye.
Anyone who trusted Illinois politicians is so naive that he should not have been hired to teach in the first place.
Watch the video. Be glad you are not a pensioner in Illinois (unless, sadly, you are).