Ted Dabrowski is the president of Wirepoints. | Courtesy Photo
Ted Dabrowski is the president of Wirepoints. | Courtesy Photo
The hits keep on coming for the State of Illinois’ tattered economy.
A new Moody’s reports details that the state’s pension debt grew by $56 billion in 2020 to total $317 billion overall.
The rapid uptick easily leaves the state with the highest level of pension debt in the country and places the state’s total debts “at or near the top by almost any measure.”
Researchers added the $317 billion deficit for Illinois’ five state-run pension funds more than doubles the state’s official debt estimate of $144 billion.
Government watchdog Wirepoints said Moody’s estimates coincide with that the group predicted nearly a year ago when it forecast that the impact of the coronavirus would swell the state’s pension debt to over $300 billion.
As a solution to all the runaway debt, Wirepoints says it developed a comprehensive Pension Solutions plan “that reduces the state's debt while protecting already-earned benefits, increases retirement security for state workers and makes the state more affordable for ordinary Illinoisans.”
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