Illinois Pension Costs Skyrocketed By 500%, Crowding Out Government Services (Saxplayer00o1)
State spending on everything from child protection, state police, college aid for low-income students and more has fallen by nearly one-third during that time.
State spending on pensions for government workers, meanwhile, grew by a whopping 501% – on top of a 127% increase in spending on health care costs for state workers.
For municipal defaults, booms are just as dangerous as busts (Saxplayer00o1)
The working paper, published by the Richmond Federal Reserve Bank and wrote by one of its researchers, Grey Gordon, along with Pablo Guerron-Quintana of Boston College, put it simply: “In response to rapid population growth, cities overborrow expecting future entrants to help repay the