Crain’s has a story today of interest to me.
More than 60 businesses and other groups are owed at least $10 million apiece by the state, while 13 of them are due $100 million or more. Those owed the most are in health care, including insurers Aetna Better Health and Blue Cross/Blue Shield parent Health Care Services, each out nearly $600 million.
A list of state vendors, which stretches to 778 names with unpaid invoices of at least $500,000 and totals $6.7 billion, was circulated today by the Chicagoland Chamber of Commerce. The business group is asking members if it should weigh in on how to quicken the payment of the state’s $15 billion backlog of bills. Whether the mountain of debt should be refinanced and how soon has divided Gov. Bruce Rauner and State Comptroller Susana Mendoza, among other politicians.
The Teachers Retirement System, owned $350.4 million, and the Regional Transportation Authority, owed $340.2 million, were the biggest public-sector creditor, followed by the Chicago Board of Education at $295.3 million.
A hell of a typo.
We don’t own $350.4 million.
They meant to say that our pension system is owed $350.4 million.
But even that’s doesn’t give the right picture.
According to Bloomberg our public pension system in Illinois carries a liability of $220 billion.
With a B.
They better get to work on revenue.
Don’t you think?