The financial bankruptcy of big government: you can 't put it more clearly than this

Jonathan Ingram, Illinois Policy Institute:

Between now and 2045, TRS [the Illinois Teachers' Retirement System] will pay $376.5 billion to retired teachers. It has just $36.3 billion on hand. In order for these assets to cover future payouts, TRS would need to see average investment returns of more than 18.5 percent per year.

The simple fact is that TRS is broke.

(Link via Instapundit.)

Comments

[rmark]

'Without real reform, pensions will continue to crowd out funding for core government services, like education. '

It seems that past other spending crowded out payments to the pension plan. Maybe reform of other spending is needed.