Illinois Teachers’ Retirement System basically broke. “Between now and 2045, TRS will pay $376.5 billion to retired teachers. It has just $36.3 billion on hand. In order for these assets to cover future payouts, TRS would need to see average investment returns of more than 18.5 percent per year.” Even top shelf money managers can’t ring up those kinds of returns for 33 years. Busted.
This post was last modified on January 26, 2021
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The only way this crap will end is when you elect people with the cojones big enough to take on the public sector unions at all levels of government.
Like Wisconsin?
It's a well know fact that Illinois will become the next California, only a matter of time before these liberal hacks pass laws to confiscate 401K and IRA accounts in yet another ponzi scheme, just like Argentina.
We all know how well that worked out....
Still, this won't stop the citizens of Illinois from reelecting Democrats. They're like the residents of California or New York, no matter how broke the pension plans might be, no matter how high the taxes or how poor the government services, they'll pull the "D" lever in the voting booth---and it won't stop the Demcorat politicians from caving to the public employee unions again and again.
Hopefully after they retire and are only able to afford Kal Can dogfood they'll finally wake up.
How appropriate, CO2, seeings the gravy train is over.
What happens when other people's money runs out.
They'll just get Barry to print more.
The word unsustainable comes to mind.
Out of money. Out of ideas. Out of time. Out of their minds.
Yep... Sounds like left-thinking people to me.