Illinois (and I'm sure California is neck and neck) has been rated the worst state in managing (read: looting) its public employee pension trust funds--to the tune of $54 billion (which pales in comparison to the Feds' $1 trillion, reported here yesterday).
At least Ahnold in California attempted to convert public employees to 401(k)s like the rest of us, but for that he was lynched politically by the unions. Since that time in 2005, the trust funds must've rung up another $10 billion or so in unfunded liabilities, but do you think the unions care that the voters are going to have to pay for this with higher taxes? Nah....
Friday, February 19, 2010
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