Loading ...Illinois To Delay Pension Payments Amid Budget Woes: “For All Intents And Purposes, We Are Out Of Money Now”
Submitted by Tyler Durden on 10/14/2015 14:47 -0400
By now, Illinois’ budget problems are no secret.
Back in May, after the State Supreme Court struck down a pension reform bid, Moody’s move to downgrade the city of Chicago thrust the state’s financial woes into the national spotlight.
Since then, the situation hasn’t gotten any better and despite hiring an “all star” budget guru (for $30,000 a month no less), Bruce Rauner was unable to pass a budget in a timely fashion leading directly to all types of absurdities including everything from the possibility of shortened school years to lottery winners being paid in IOUs.
Now, as Bloomberg reports, pension payments are set to be delayed. Bond payments, apparently, will still be made.