A major pension crisis has made its way to Harvey, Illinois. Now, the whole State might suffer while you foot part of the bill…
Peter Reagan, June 12, 2018
In a city with 20% unemployment, property taxes over 5%, and home values declining by 80% over the last decade, greed and incompetence from Harvey, Illinois’ government seem to have a higher priority over solving economic problems.
Since Illinois doesn’t allow cities to file bankruptcy on pension debt, each fund has to be “paid.” So Harvey has to cough up tax revenue to pay down its debt.
But the funds aren’t there, and robbing Peter to pay Paul can only last so long.
Citizens of All 50 States Will be Affected
The pension crisis unfolding in Illinois serves as a stark warning to local governments across the country.
According to a mid-2017 report by Lombardi, all 50 states might experience profound pension challenges:
“A study of the 649 different pension systems…found systematic problems with the assumptions underlying many trusts… This will have profound effects on citizens of all 50 states… In short, a pension crisis is in the works.”
The “crisis in the works” is unfolding, now. Back in 2012, 37 of 50 state pension plans were underfunded. Six years later, almost every single state in the Union has an “unbalanced budget due to runaway pension costs”.
Plus, outdated State pension plans are eating up the tax revenue of their respective state budgets.
How to Hedge Against the Risk
As “hidden debt” eats away at state budgets, you might end up footing the tax bill. The implosion of an outdated pension system could result in retirees losing all of their retirement benefits.
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