Uh-Oh ! A Well-Known State is Running Out of Money

"Illinois will have to delay a $560 million November payment to its pension funds, and may also delay or reduce a similar payment in December, state Comptroller Leslie Munger said on Wednesday, blaming a cash crunch stemming from the state's budget impasse.
'The fact is that our state simply does not have the revenue to meet its obligations,' Munger told a news conference in Chicago.
Despite the delay, state pension funds will be paid in full by the time fiscal 2016 ends on June 30 using money from heftier revenue months in the spring, she said. Illinois has the worst-funded pensions and lowest credit ratings among the 50 states."

DonDiego is sorry the pensioners believed the money would always be there. Sometimes Governments just cannot help promising more than they can deliver.
Maybe next year will be better, . . . maybe.

The State of Illinois is funding its bond-payment obligations; they take priority over the pension payments. [Incidently, to tie this in with another thread, this is why the United States Government will not default on its debt payments too; if there are insufficient funds to pay for everything legislated, . . . and that is likely in the not so distant future, . . . the bond payments will always have top priority; Bond Holders have legal recourse other do not.]

Does that mean we can put a lien on Govt. property. There's a lodge up at Yosemite I would like to have as my own.

It gets worse...IOUs for lottery winners!

Ah well, . . . they pays their money and they takes there chances on getting' paid. Life is a lottery.

Hell it easy to see why as all Dem say blame it on Bush.

Too bad it wasn't one of the lesser known states.

The head of the Chicago schools is headed to jail for 7 1/2 years for corruption, with more indictments expected.

******quote***
Mayor Rahm Emanuel’s last hand-picked schools chief plead guilty to wire fraud in federal court Tuesday before apologizing to the children, teachers and families of Chicago.
“I am terribly sorry,” Barbara Byrd-Bennett said after her arraignment at the Dirksen Federal Courthouse. “They deserved much more. Much more than I gave to them.”
Byrd-Bennett, 66, admitted to steering $23 million in Chicago Public Schools no-bid contracts to her former employer, a company called SUPES Academy. In return, she expected to get 10 percent of those contracts in the form of a signing bonus when she retired from the district’s top job."
***endquote***
Ref: WBEZ 91.5

DonDiego is pleased that Ms. Byrd-Bennet is apologetic; perhaps she has learned a lesson.

That's certainly how the Clintons and Obamas have done business.

Oh, I thought this was a thread about Kansas. Governor Brownback has had a difficult time paying for things with his tax cuts. And his opposition to Medicaid Expansion is forcing hospitals in his state to go out of business

Brownback is killing jobs in his state