FAST FIVE: Illinois Hopes To Fix $134 Billion Pension Shortfall By Issuing More Debt
Back in December we noted that the lack of basic economic common sense by its politicians led the state of Illinois to a $134 pension shortfall.
Pritzker is said to be preparing his first address on the state's budget for Wednesday, where he will address his desire to issue $2 billion in bonds in order to raise cash for the state's horrifically insolvent retirement system.
All the while, in the years following 2003, Illinois' credit rating has moved closer and closer to junk with the state just one notch above the embarrassing level.
The hilarious thing is that even while advocating for selling more debt, people involved are claiming to have “learned from their mistakes.” Robert Martwick, a state representative who chairs the House's pension committee told Bloomberg: “This time you have people who understand the devastating effects of doing what he did.” No, Bob.
Hynes said that the $2 billion debt sale would supplement Illinois' annual contribution and would be yet another wager on the stock market.