Recently, Boeing, Caterpillar, Citadel, and Tyson announced moves out of Illinois.
There's a reason for that, and it isn't only 'street crime.'
...in Illinois, estimated pension liabilities totaled an estimated $246.2 billion in 2020. Meanwhile, the state’s pension assets totaled $92.3 billion. Considering both assets and liabilities, Illinois’s pension funding ratio was only 37.5%, the worst in the country....
The companies leaving Illinois--and there will be more--are getting out of Dodge while the getting is good; either Illinois slams a huge tax increase home or the State will face bankruptcy. And we all know that "greedy corporations" are the targets of any major tax hike.
By the way, notice that the numbers are from 2020--before the market slump of 2022.
This is going to get real ugly.
I wish there was a document that showed pension liability ratio comparing all of the 50 states
ReplyDeleteI will make a wild ass guess and say that Florida is the most responsible
Prove me wrong
Read the linked article.
ReplyDeleteYou ARE wrong.