Throughout history, people have sought out ways to commandeer the power of government to gain wealth and power. “Vote for me,” the politicians say, “and I will give you money, or protect you from competition, or cancel your debt!” And of course the voters give in, thus perpetuating a system of redistributing money and power to special interest groups, while their elected leaders bask in adulation. It is undiluted, raw greed, pure and simple.
Because states and cities don't print their own currency, they are at least somewhat restricted in how much they can give away to the public employee unions. That hasn't stopped grossly negligent Illinois (and others) from incurring massive unfunded liabilities for public employee pensions. Illinois' unfunded liability alone is over a half TRILLION dollars. Nationally, the total is 8.6 trillion.
But public employees aren't worried in the least about this. They know who controls Washington, and Washington won't let them down.
Because states and cities don't print their own currency, they are at least somewhat restricted in how much they can give away to the public employee unions. That hasn't stopped grossly negligent Illinois (and others) from incurring massive unfunded liabilities for public employee pensions. Illinois' unfunded liability alone is over a half TRILLION dollars. Nationally, the total is 8.6 trillion.
But public employees aren't worried in the least about this. They know who controls Washington, and Washington won't let them down.
https://www.thecentersquare.com/illinois/alec-illinois-unfunded-pension-liability-533-billion-8-2-trillion-nationwide/article_9be17510-e835-11ec-8a8c-575a2285a988.html