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Illinois Now Has to Postpone Pension Payments
Governments have a somewhat humorous tendency to skate around the truth, especially when their finances are involved. They will never admit the obvious, right up until the very end. Even when they’re on the verge of bankruptcy they will find some elusive way of explaining things to a gullible public.
Take Illinois for instance. This is a state that is so insolvent, that they have to pay their lottery winners in IOUs and they can’t seem to establish this year’s budget. Now the state’s budget impasse has gotten so bad, they’re going to hold off on paying their pensioners. According to Comptroller Leslie Munger, Illinois will have to postpone a $560 million payment that was due to the state’s retirees in November, and the system won’t be paid in full until June. Munger told reporters on Wednesday that “this decision is choosing the least of a number of bad options”
However, she wouldn’t go so far as to use scary words like “bankruptcy” “insolvency” or “default,” even though they perfectly describe the financial mess that her state is in. No, she simply told the reporters that “for all intents and purposes, we are out of money now.” That’s right, they’re just all out of money. They’re not on the verge of financial collapse or anything like that. Nothing to see here folks.
Delivered by The Daily Sheeple
Contributed by Joshua Krause of The Daily Sheeple.
Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .
Source: http://www.thedailysheeple.com/illinois-now-has-to-postpone-pension-payments_102015
