You just know that that's got to be pretty bad.
Related: "It’s Happening".
Illinois is gradually bleeding out through ever deeper wounds inflicted by its own government. The most common question I get here is when it all blows up, but I doubt there will be any explosive event.
It’s not just happening, it’s worsening. The most recent news marks a death spiral in full swing. Population is shrinking, the tax base is eroding and the state’s revenue is declining, all while the underlying causes remain unaddressed and debt soars for the state and most of its municipalities.
And more: "Blue States Have Bigger Pension Debts Than Red States".
There's maybe some good news for California's pension problems: "Calif. Court’s Second Rejection of Pension Vested Rights May Help State Avoid Financial Disaster".
But there's also not-so-good news for some San Jose retirees: "California city overpays pensions for years, asks retirees for money back".
Also on California: "California's budget deficit is back, Gov. Jerry Brown says".
Less than four years after declaring California’s budget balanced for the foreseeable future, Gov. Jerry Brown on Tuesday said the state is projected to run a $1.6-billion deficit by next summer . . .
Everybody sing along with Sonny and Cher: "The Beat Goes On".