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Every person in Illinois owes $11,000 for pensions, with no fix in sight
Chicago Tribune: Three years ago Tuesday, the Illinois Supreme Court struck down the state's attempt to cut its employees' pension benefits to chip away at a retirement-system debt that's swelled to almost $11,000 for every man, woman and child.
Since then, Illinois's credit rating was downgraded to the verge of junk, its bonds have tumbled and its largest city, Chicago, was stripped of its investment-grade status by Moody's Investors Service. And Gov. Bruce Rauner, R, and the Democrat-led legislature have made no real progress toward a new plan that doesn't violate the state constitution's ban on reducing benefits.
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