Deadbeat. Crain’s doesn’t get it right about who is owed the most by the state of Illinois. Our pension system state liability is $200 billion and growing.

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Pension theft goes back a long way and has been a bipartisan heist. Retiree system is owed billions for lack of state payments.

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?

 

2 Replies to “Deadbeat. Crain’s doesn’t get it right about who is owed the most by the state of Illinois. Our pension system state liability is $200 billion and growing.”

  1. So tell us Fred, is that $ owed currently or is that the unfunded amount, a subtle difference, but an important difference.
    What’s important about all that $ owed to various companies is that without it they cannot stay in business and if they don’t stay in business, well, they cannot pay any taxes and then ,well the state can’t pay the city who can’t pay the pension etc. etc. and round and round we go.

    1. It’s totally a subtle difference because it’s not money owed to you. If it were, it would be a big difference. I’m for everybody who is owed money by the state being paid. The reason they haven’t been paid is because for the last two years the governor couldn’t get a budget passed. The reason for the unfunded pension liability is that for the past 70 years the state just didn’t pay what they owed the pensions systems even though they had a budget. See the difference?

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