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Patrick

I’ve been a common sense proponent for filing bankruptcy for years. There’s no way Illinois will ever be able to pay those ridiculous and obscene pensions, never!

The smart people have moved, or are planning on moving our of Illinois.

Once the legislation passes to transfer the teacher pension obligations back to the local school districts, look out! House values will plummet big time.

Hope this helps, and good luck.

Doug

Patrick, “Once the legislation passes to transfer the teacher pension obligations back to the local school districts, look out! House values will plummet big time.” How realistic is this to happen? Who would want to vote “Yes” in the IL legislature to force this?

nixit

I would guess the teacher unions would fight this tooth and nail. They like the current disconnect with one govt entity paying the salaries and another govt entity paying for the retirement as it’s easier to hide the true cost of the entire compensation package.

bob oriole park

At 3:10 you mention unsecured bonds, but aren’t most of them secured by (various) tax revenue streams? And if that’s the case, does that mean essential services get no money while the bondholders get it all?

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