Wednesday , December 19 2018
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Why are millennials leaving Illinois?

Summary:
Because they can: And as millennials come to appreciate the debt load they’re expected to burden over the next two to three decades – the average Chicago household is on the hook for at least 5,000 in state and local pension debt – expect more of them to head for the border. Unfunded pension liabilities are mounting with no relief in sight. Cities like Central Falls have used the threat of bankruptcy to fix funding before they lost all their residents.  Unfortunately for the people of Illinois, there is no provision for bankruptcy of a state.

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Why are millennials leaving Illinois?
Because they can:

And as millennials come to appreciate the debt load they’re expected to burden over the next two to three decades – the average Chicago household is on the hook for at least $125,000 in state and local pension debt – expect more of them to head for the border.

Unfunded pension liabilities are mounting with no relief in sight. Cities like Central Falls have used the threat of bankruptcy to fix funding before they lost all their residents.  Unfortunately for the people of Illinois, there is no provision for bankruptcy of a state.

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