Wednesday, January 20, 2021

Tag: Illinois is Insolvent: State Requests a Pension Bailout From Congress

Illinois is Insolvent: State Requests a Pension Bailout From Congress

by Mish Shedlock, The Maven:

Illinois pension plans are in serious trouble. So serious, the states seeks a federal bailout. Cities are in trouble too!
The president of the Illinois State Senate seeks $40 billion to help the pension system, fund unemployment insurance and aid hospitals and cities according to the New York Times.

The letter, sent this week by State Senator Don Harmon, also seeks a $15 billion grant to “stabilize the state’s budget,” $9.6 billion in direct aid to Illinois’s cities, $6 billion for the state’s unemployment insurance fund, and hardship money for hospitals and nursing homes, among other things.