Chicago: Union Members Collect Millions in Tax $$ With Sweetheart Pension Deal

-By Warner Todd Huston

Now this is the sort of corruption we are used to seeing in Illinois, eh? This week the Chicago Tribune and WGN TV has found up to 23 retired union operatives that are collecting millions in taxpayer dollars because they had pals in government tweak the state’s pensions laws to favor them.

These former government workers that were government union members got pliant politicians to alter the pensions laws to say that their pension remuneration would be calculated not on the lower pay they received when they retired from government, but from the much higher salary they received when they worked as union operatives. These folks worked as union bosses at the same time as working on the clock for government.

The “luck” of former union boss and Dept. of Streets and Sanitation worker Thomas Villanova is a typical example. Villanova last worked full-time for the city in 1989 and made $40,000-a-year. But he was also a union big wig making $198,000 annually upon his retirement in 2008 at age 56. His city pension, it appears, was calculated on the union salary of $198,000 instead of his real salary of $40,000 — itself obviously a no-show job in the first place.

Villanova stands to make millions off the taxpayers.
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Chicago: Union Members Collect Millions in Tax $$ With Sweetheart Pension Deal”


Unions Display Hatred in Union Derangement Syndrome

-By Warner Todd Huston

My Friend Maggie Thurber has a great piece chronicling the hate that unions in Ohio display for those voters that stand against the absurd riches that government employees have wrung out of the taxpayers in the Buckeye State.

Pointing out that union supporters are “dripping with ‘hate’ and derision toward people who see a problem and are trying to fix it,” Thurber does a great job of identifying the flawed logic in this union member’s argument on why the focus on the “opulent” benefits and pay scales of government workers is wrong on their opinion.

One point that Thurber makes is spot on. While it is true that many people are sick and tire of these union thugs ripping off the taxpayers, the unions are not the only entities at fault here.
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Unions Display Hatred in Union Derangement Syndrome”


Conn. Unions Have Trouble Reading Hand Writing on Wall

-By Warner Todd Huston

Cities, counties and states (not to mention the federal gov’t) all across the country are overspent, out of cash, and deeply in the red. One reality that has been hitting all these government entities has been a series of tough negotiations with government employee unions. Unions are loathe to take cuts, certainly, but the reality is that in many cases it’s either cuts or layoffs. More and more unions are realizing this and taking the cuts to avoid losing jobs. The foolish government employees in Connecticut seem to be insensible to reality, though.

Strangely enough, even the government union bosses in Connecticut understood the pickle they were in. Union bigwigs negotiated cuts with the Democrat controlled state legislature and Democrat Governor Daniel Malloy. They did this with the understanding that none of their rank and file would lose their job.

Unfortunately for the unions, many of the members seem too foolish to “get” it. They voted the concessions down. Now Governor Malloy is saying he has little choice but to get rid of thousands of workers.

Nice move, fellows.
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Conn. Unions Have Trouble Reading Hand Writing on Wall”


Wisc. Teachers Protest Working an 8-Hour Work Day

-By Warner Todd Huston

Green Bay TV reported on June 21 that the teachers union in Green Bay, Wisconsin is incensed that the school district is demanding that teachers work an extra half hour a day, making their hours a set 8-hour day, or a 40-hour work week. In turn, this absurd ire displayed by teachers is incensing local Green Bay residents.

“They need to be the professionals that they are supposed to be. They sound like a bunch of idiots and they look like a bunch of idiots, they make the rest of us look bad,” said a listener to the Vicki McKenna Show.

Naturally the teachers union president assumes all you Green Bayers are stupid, that you don’t understand the issues, and says that she won’t listen to her critics, anyway.
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Wisc. Teachers Protest Working an 8-Hour Work Day”


Contrary to Claim, White House Did Control GM’s Daily Business And Cut Workers Pay?

-By Warner Todd Huston

When Barack Obama threw millions of our tax dollars at General Motors to “save it,” the administration claimed that it would not involve itself in the “day-to-day management” of the venerable car company. New emails obtained by The Daily Caller, however, casts doubt on this claim.

In fact, as Matthew Boyle reports, the emails “reveal that Treasury officials were involved in decision-making that led to more than 20,000 non-union workers losing their pensions.”

It turns out that Treasurer Secretary Timothy Geithner pressured GM, widely derided as Government Motors, to cut the pensions for the salaried, non-union employees at Delphi, a company owned by GM.
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Contrary to Claim, White House Did Control GM’s Daily Business And Cut Workers Pay?”


Cal. Union Launches Effort to Recruit Republican Candidates

-By Warner Todd Huston

This is a novel approach. The Service Employees International Union (SEIU), one of the largest government employee unions in the nation, has decided that they’ve had enough of all those darn Republicans that are… well… acting like Republicans. So, the union has lighted on a new way to be rid of all those darn Republican-like Republicans. They are going to sponsor their own Republican candidates in upcoming elections in the land of fruits and nuts.

The SEIU has created a new “Republican” political action committee (PAC) meant to recruit purported moderate Republicans to run for office to replace the Republicans now sitting in Sacramento. SEIU is calling this PAC the “Golden California Committee.”

The name of their PAC reminds me of the phrase, “don’t pee on my leg and tell me it’s raining.” This golden shower that the SEIU is trying to pull off doesn’t fool anyone. The SEIU has no interest in helping Republicans. They have but one goal, to implement laws and government regulations that give to government employee unions payoffs, higher salaries, and outrageous benefits and pensions that exceed anything that the general public will ever see. They know that the only way to do this is to control government from both sides of the aisle.
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Cal. Union Launches Effort to Recruit Republican Candidates”


Illinois Pension Reform One Step Closer‏

This week, State Treasurer Dan Rutherford drew a line in the sand. Dismissing shortsighted calls for more borrowing, he pledged to warn would-be lenders against extending more credit to Illinois’s spendthrift state government. I spoke with Rutherford about his stand; listen in.

Much of the state’s borrowing in recent years has been for government employee pensions costs – which are climbing annually. But this pattern of borrowing for pensions could someday halt if a pension reform proposal succeeds in Springfield.

Pension reform language was just posted at the statehouse. Collin Hitt read the bill and offers up his review here. Simply put, a vote for pension reform will brighten this state’s future – a vote against it will push Illinois further into economic decline.
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Illinois Pension Reform One Step Closer‏”


N.J. Courts Not Interested in Democracy

-By Warner Todd Huston

Most Americans are under the mistaken assumption that we as voters can elect someone to make changes in our government. Whether the government of our city, county, state or that in Washington DC we voters have this romantic idea that we can affect change by electing people to office that will make those changes. The New Jersey Supreme Court, however, has disabused us all of those absurd notions.

Governor Chris Christie was elected to office for one reason, to solve New Jersey’s budget mess. He’s not Mr. Nice guy. He’s not the prettiest face in New Jersey politics. He wasn’t even the state’s most beloved public figure. He ran on fixing the budget and the people hired him to do just that.

But now, even though he was able to get certain budget changes through both houses of his state legislature, even though he has kept his shoulder to the grindstone doing the very job that the people hired him to do, even as he was on the verge of succeeding, the courts have stepped in and torpedoed the effort.
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N.J. Courts Not Interested in Democracy”


Pension Debate Heats Up – Tell Your Lawmaker to Fix Illinois’ Pensions NOW!‏

Lawmakers continue to debate pension reforms for current state employees and a decision will be made soon – this year’s legislative session is scheduled to end on May 31st.

This may be our last chance to have our voices heard. Click here NOW to tell your lawmaker it’s time to enact substantive reforms of the state employee pension system that directly affect current state employees.

Illinois’ fiscal problems can no longer be ignored. Illinois is spending beyond its means and has ignored countless unpaid bills! Moreover, the fact that we have no real plan for dealing with these fiscal problems have made our state one of the least attractive places for doing business.

The website 24/7 Wall St. took a look at the pension systems of every state in America and created a top 10 list of states where pensions are running out of money. Sadly, Illinois is second on that list with a $126 billion pension liability.

Take action now to return our great state to fiscal sanity. Click here to tell your lawmaker to fix Illinois’ pensions now.

For more information on pension reform go to: http://fixillinoispensionsnow.com/.

Thank you for your continued support and activism.

Sincerely,

Joe Calomino
State Director
Americans for Prosperity-Illinois


Ill. Policy Institute: One Week’s Lost Pay for Pensions‏

I returned from maternity leave just in time to take part in the epic debate over public pension reform. Get the teachers’ pension costs will top General State Aid education spending this year unless we act now.

To date the working model for pension reform has been House Bill 149, introduced by House GOP Leader Tom Cross. The language in that legislation is being modified and likely will be placed on Senate Bill 512, a shell bill assigned for hearing in tomorrow’s House Personnel and Pensions Committee.

Given Illinois’s worst-in-the-nation unfunded liability and “blue state” politics, what unfolds over the coming days will be a bellwether for the rest of the country. Has your legislator heard from you? (Click here to find your state legislator)
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Ill. Policy Institute: One Week’s Lost Pay for Pensions‏”


Democrats FINALLY Talking of Cutting Back Govt Employee Pensions

-By Warner Todd Huston

The Washington Post had a recent piece saying that it looks like Washington is finally coming to the stark realization that the benefits and pensions of federal workers are wildly over promised and even Democrats are finally contemplating cuts in federal pensions.

The GOP has already targeted these pensions by proposing that federal workers contribute more toward their own pension benefits. As the Post slantedly puts it, this policy plan would “effectively impose an immediate 5 percent pay cut on more than 2 million federal employees”

Of course, it would not be cutting their pay at all, sadly. It would merely be deferring until retirement when they get the cash. Sure their pay should be cut — heck thousands need to be simply fired outright — but there is no pay cut being proposed.
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Democrats FINALLY Talking of Cutting Back Govt Employee Pensions”


Employee Levels Fall But New York’s Fringe Benefits and Pensions Costs Soar

-By Warner Todd Huston

Pensions are the single biggest problem that every state, county and city in the Union face and New York City is no different. It is so bad that even as New York City has seen the numbers of its government employees fall, its costs in fringe benefits and pensions have still continued to soar. (Download the 2012 Budget Summary)

The latest budget info released by the Big Apple is a horror story of budget woes with pension costs leading the pack.

Marc Cenedella has done the heavy reading and his report is discouraging, to say the least.
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Employee Levels Fall But New York’s Fringe Benefits and Pensions Costs Soar”


Defusing the Illinois Pension Bomb, One Letter at a Time‏

How to reform the public employee pension system is the most crucial question facing Illinois today. The state has an $86 billion unfunded pension liability, and a recent study by the Pew Center ranked Illinois’s pensions as the worst funded in the nation. Bold action is needed to balance the state’s pension funds while keeping Illinois from falling deeper into an economic death spiral.

The public employee pension system is unsustainable. It must be fixed. We need your help now.

As you read this, a pension reform bill is being debated Springfield: HB149. This bill would begin to create equity government workers and the taxpayers who fund their salaries. Legislators on both sides of the aisle are coming together, and with your help, we believe we have a chance at passing one of the most important reforms in Illinois history. That’s why I’m asking you to write to your local newspaper in support of reforming the pension system.

Writing a letter to the editor is an easy way to reach thousands of your neighbors on this important issue.
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Defusing the Illinois Pension Bomb, One Letter at a Time‏”


Pension Reform in Illinois: A Hard Job That Springfield Wants to Ignore

-By Warner Todd Huston

Americans for Prosperity – Illinois has launched an effort to goad our lawmakers in Springfield to tackle the single most vexing problem the state faces: pension obligations.

AFP has launched a website called “Fix Illinois Pensions Now” to help inform and empower voters so that they might encourage their representatives to do the right thing and fix this mess now!

A second website to find important information can be seen at: www.illinoisisbroke.org.

AFP has partnered with The Civic Committee of the Commercial Club of Chicago and they have jointly produced an informative video on the effort.
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Pension Reform in Illinois: A Hard Job That Springfield Wants to Ignore”


The Democrat Caused Pension Bomb About to Destroy Our States

-By Warner Todd Huston

A few weeks ago I wrote that unions have driven every state budget into a hole from which it isn’t likely the states can easily dig themselves out. I did not at that time reference the Pew report on the pensions mess and I want to revisit it here.

On April 5, I said, “The worst mess that states are in is because government unions have been handed luxurious and unsustainable pensions and healthcare plans by those very Democrat politicians that unions have paid off to do so. Again all at the expense of the suffering taxpayers.” The Pew report shores this up thoroughly.

In fact, the Pew report from early April 2010 even understates the problem, not because of any bias but because the stats that they used were taken from stats assembled in 2008 because that was the last year where full records had been compiled. Further, we must remember that these stats also came before the market crash ushered in during the age of Obama.
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The Democrat Caused Pension Bomb About to Destroy Our States”


Indiana Democrat Fleebagger’s Hotel Bill Completely Paid for by Unions

-By Warner Todd Huston

It wasn’t long ago that Indiana Democrats fled the Hoosier state so that they could avoid doing their job in the state legislature. These Democrats self-righteously claimed that they were doing this “for the people” and insisted that they should be considered as heroes. One Indiana Democrat even claimed that his running off to Illinois to luxuriate in a resort hotel was somehow just like being a U.S. soldier in Afghanistan.

Well, after weeks and weeks of patting themselves on the back as working “for the people” we now see just who these fleebagging Democrats were really working for… and it sure as heck wasn’t “the people.”

A recent campaign finance report was released that shows that the entire $84,953.70 hotel bill at the Comfort Suites Urbana was paid for by unions. That’s right, unions.
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Indiana Democrat Fleebagger’s Hotel Bill Completely Paid for by Unions”


Top Worst State Budgets: Unions Have Put EVERY State’s Budget In The Hole

-By Warner Todd Huston

When you or I overspend our family budget and end up not being able to pay our bills a few things happen, all of them bad. At best we do without luxury items, at worst a bank comes and takes our cars away, our homes away, or, worse yet, we go hungry. When government unions spend government budgets into a black hole of trouble what happens? Apparently the citizens are expected to lose more of their own money for the comfort of government union members and to assist big spending Democrat politicians to keep indulging a wild bacchanalia of spending.

The worst mess that states are in is because government unions have been handed luxurious and unsustainable pensions and healthcare plans by those very Democrat politicians that unions have paid off to do so. Again all at the expense of the suffering taxpayers.

Maddeningly, these city, county, and state workers end up making far more than the poor citizens forced to pay for those government union member’s high living and comfortable retirement benefits while the citizens do without.
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Top Worst State Budgets: Unions Have Put EVERY State’s Budget In The Hole”


Ohio Senator Brown: Card Check is Dead

-By Warner Todd Huston

The Hill newspaper has an interesting quote from Ohio Democrat Senator Sherrod Brown. He says the Employee Free Choice Act (EFCA), of the Card Check bill is a dead issue in the senate this year.

Senator Brown was being interviewed on WVIZ radio in Ohio when he was asked what he thought about the success of the EFCA in the Senate for the 112th Congressional session. “It’s not going to happen now,” the senator said.

If this is true then Big Labor should be extremely upset with President Obama and the Democrat leadership in congress. Will they take out their anger by withholding their enthusiastic support of Democrats in 2012?

One would think that this singular failure of the Democrats to get Big Labor’s most wished for legislation passed would be a deal breaker for labor. After all, labor has spent over $400 million in the last few years on getting Democrats elected and it seems that all that money went for no benefit to them. Labor’s loss of power has grown commensurately with its expenditure on Democrats, anyway.

Like old dogs that cant learn new tricks, though, it is likely that they will double down and try to pump more money than ever into the pockets of pliant Democrats. Like a beaten wife they keep coming back, it seems.
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Ohio Senator Brown: Card Check is Dead”


Corruption and Political Intrigue in Government Employee Pensions

-By Warner Todd Huston

The Los Angeles Times has a disheartening report about the graft, corruption, and nest-feathering infesting the administration of California’s government employees pension fund, CalPers (California Public Employees’ Retirement System). It reports that subordinates were pressured into investing in to firms run by political buddies and that one of the former CalPERS administrators was “lucky” enough to have been handed a high paying new job in one of those politically connected firms after he left the government agency.

Some of these officials now under investigation are also accused of falsifying documents to further their schemes of self-enrichment at the expense of the people, accepting large gifts that went unreported, and earning millions in “placement agent fees.”
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Corruption and Political Intrigue in Government Employee Pensions”


Government Employee Unions Undemocratic, Unfair, Unsustainable

-By Warner Todd Huston

A lot has been said about the thuggish behavior of these teachers in Wisconsin and other union toughs across the country who have been caught on tape calling people Hitler and dictators, and attacking peaceful Tea Partiers. The behavior of union supporters has been ignorant to say the least. But as we’ve focused on the behavior of these ignoramuses, we’ve also neglected to explain just why their unions are illicit in the first place.

To start with we should remind everyone that government employees have not always been allowed to unionize. Collective bargaining for pubic employees only started in 1958 after New York Mayor Robert Wagner signed what came to be called “the Little Wagner Act” allowing city workers to unionize. In fact, collective bargaining itself was only legalized even in the private sector in 1935 when Wagner’s own father, New York Senator Robert Wagner, sponsored the National Labor Relations Act, or the Wagner Act. Nationally, collective bargaining for government employees began in 1962 when President John Kennedy signed Executive Order 10988 allowing federal employees to unionize and gain collective bargaining.
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Government Employee Unions Undemocratic, Unfair, Unsustainable”


Video: Stop Obama and His Union Bosses!

-By Warner Todd Huston

Courtesy of the Republican National Committee…

This is exactly right. While every state is drowning in debt, Barack Obama and the billions that unions have spent on him and his Democrat Party is being put toward thwarting the will of the voters and to making the state’s and the federal government’s debt far, far worse.
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Video: Stop Obama and His Union Bosses!”


Wisc. Union Thug: ‘First They Take Away Unions, Then They Take Away The Jews…’??? Unions Want Legalized Theft, Plain and Simple

-By Warner Todd Huston

Every so-called teacher in Wisconsin needs to be removed from the classroom and should not be allowed to return until she can prove that she’s become educated enough to understand that no politician in Wisconsin is “just like Hitler.”

These thugs latest claim is that “it’s not about the money” but the facts speak pretty clearly that it is all about the money. The union thugs want more of yours, Wisconsin, and your Republican legislators are telling them that the wallet is empty.

This has become ground zero for the fight against the thievery that public employee unions have perpetrated against the people for 50 years. This is day one in the fight to end the abuse.

… and make no mistake about it, folks. The unions are in a war against YOU, the taxpayer. They think YOU are the enemy. YOU are their target. YOU are their sugar daddy. Tell them you’ve had enough of their abuse.
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Wisc. Union Thug: ‘First They Take Away Unions, Then They Take Away The Jews…’??? Unions Want Legalized Theft, Plain and Simple”


Teachers Union Thugs Comparing People to Hitler, Shutting Down Schools, Losing Their Argument

-By Warner Todd Huston

One cannot be a leftist without being a hypocrite. It really is just that simple. The last several days in Wisconsin has again born that truism out, too, as teachers union thugs in the Badger State have indulged every manner of behavior that they have constantly condemned the right for engaging in — even as no one on the right has actually done the things the left charges them with doing.

With the protests that swept down upon the State Capitol in Madison we are seeing the sort of behavior that is the antithesis of democracy. These teacher thugs are flooding into the capitol disrupting the state senate chambers, these teacher thugs are sporting signs with Governor Walker depicted as Hitler, these teacher thugs are attempting to thwart the will of the voters that put a Republican Governor into office to do exactly what he is trying to do, these teacher thugs are even making a pig sty out of the capitol grounds with piles and piles of garbage.
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Teachers Union Thugs Comparing People to Hitler, Shutting Down Schools, Losing Their Argument”


Quinn’s Pension Mess

From John Bambenek…

Last night the Governor’s office confirmed what many have suspected, that the Illinois pension systems are the subject of an SEC investigation. You can read the Wall Street Journal article on the subject.

With our pensions systems not only falling below 50% funding, but selling assets to keep the lights on, this is disturbing news. The best guess estimate I have is that the pension debt for the state alone is around $140 to $150 BILLION dollars. And despite the massive tax hike, no real work has been done to stabilize these funds. At this rate, they will be insolvent and unable to pay benefits by 2015.

Like many of you, I was appalled at the job-killing tax hikes that were passed in the final hours of the last legislative session. What was worse is that not only was spending not cut, they actually expanding state spending. The so-called “spending caps” are illusory at best for two reasons: it does not limit spending out of “special funds” and the spending caps are set higher than even the most optimistic estimates of the revenue that we will have.
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Quinn’s Pension Mess”


In 2011 Public Employees Unions Must Be Targeted for Elimination

-By Warner Todd Huston

One of the biggest recurring themes in union reporting these days is music to the ears of any fiscally responsible American. It seems almost weekly that we are seeing stories that recount the ire being directed at public employee unions. Let us hope that this reporting is the first ripples of an anti-union tidal wave that will sweep public employee unions from our governments drowning in union-created red ink.

One of the latest is an editorial out of Wisconsin by the Lakeland Times’ Gregg Walker. Walker kicked off his piece with exactly the sort of sentiment that we should hope will lead to an end to public employee unions.
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In 2011 Public Employees Unions Must Be Targeted for Elimination”


Tim Pawlenty: Government Unions vs. Taxpayers

-By Warner Todd Huston

Minnesota Governor Tim Pawlenty penned a great op ed in the Wall Street Journal that takes public employee unions to task for their greed and their destructive nature. I’ve said many times that public employee unions are antithetical to good government and should be outlawed. Pawlenty agrees that they make good governing impossible.

Public employees have not always had the luxury of unions. The idea that government employees should be allowed to enter into collective bargaining didn’t exist prior to 1958. The fact is, we will never be able to fix our public pension problems until we go back to a pre-1958 stance on public employee unions. They should be eliminated completely.

Now I don’t usually post whole articles. But this one is too good to just excerpt. I hope WSJ can excuse me…
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Tim Pawlenty: Government Unions vs. Taxpayers”


Chicago Cops/Firemen Retire as Millionaires

-By Warner Todd Huston

There really is no excuse for any public servant to retire with a pension worth $1.3 million dollars of the people’s tax money. None. But that is precisely what happens in the City of Chicago according to Chicago’s Civic Committee.

Crain’s Greg Hinz reports that the Civic Commission sent an email blast out to its members late last week reporting that the typical Chicago Fireman who retires after 20 years of service will make $1.3 million in pension benefits. Cops make a bit less at $1.2 million.

These public servants can also retire at age 50, almost two decades earlier than the rest of us. This means that these retired city officers can potentially live one third of their lives or more on the public dime. After 20 measly years’ service.

Now, I certainly realize that cops have a high stress job. I also realize that both policemen and firemen can be called upon to put their personal safety, even their lives, on the line (though by no means do all of them do so). But these pensions are an impossible corruption of our system. No one deserves such luxury on the backs of the poor taxpayer.
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Chicago Cops/Firemen Retire as Millionaires”


Lame Duck Threat to Bailout Union Pensions

-By Warner Todd Huston

Connie Hair has an informative piece at Human Events about what Democrats are hoping to do in the next few weeks in this lame duck session by pushing another big union bailout.

In October, Sen. Tom Harkin (D, Iowa) heard witnesses advancing the “Guaranteed Retirement Account” (GRA) idea authored by left-wing activist and purported “labor economist” Theresa Guilarducci.

As an aside, Guilarducci being called an “economist” is an hilarious conceit. She is nothing of the kind but is merely a big labor activist disguising herself as an “economist.”

Anyway, the Democrats would love to slip this budget busting nonsense past the American people in this zombie congress. Here is how Hair defines the policy:
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Lame Duck Threat to Bailout Union Pensions”


Carnival Shell Game with Illinois State Pensions

From the office of State Senator Chris Lauzen (25th District)…

On November 4, 2010, all State Senators were called to Springfield ostensibly to vote on a $4B proposal to pay into state employee pension plans. The Democrat leadership had a political caucus off-site, but no vote was taken on the important fiscal matter, nor any other substantive issue.

Last year I believed Governor Quinn’s promise that he would spend approximately $3.5 Billion in borrowed funds wisely and, incredibly (for me), I voted “yes” to give him broad borrowing and spending authority. Unfortunately, that promise was broken and nearly all of that debt was used to pay for public employee pension deposits, while our schools languished and social service agencies were decimated.

Fool me once, shame on you – – fool me twice shame on me.

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Carnival Shell Game with Illinois State Pensions”


The Best and Worst State Debt Disasters

-By Warner Todd Huston

Forbes created an interactive map where Americans can find out what sort of mess their state is in. All you need do is roll your mouse cursor over your state and get the good … or horrible… news.

Forbes finds that the best state is Utah. The debt per capita in the Beehive State is just $447 with an unfunded pension cost of $7,272. Utah is rated by Moody’s at Aaa and has an S&P rating of AAA.

Unsurprisingly the worst state is Illinois. Illinois is a disaster for sure. Illinois’s debt per capita is $1,877 and it’s unfunded pension obligations stands at $17,230. Moody’s rates the state an A1 and its S&P rating is AA-.
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The Best and Worst State Debt Disasters”