Author Archives: Chuck Tyson

Understanding Illinois’ $187.7 Billion Unfunded Liability

by

0

Illinois faces the highest debt-to-asset ratio of any U.S. state at 468.7%, meaning the state owes nearly $5 for every $1 in assets. The $187.7 billion net unfunded liability represents a structural deficit that requires either massive tax increases, spending cuts, constitutional pension reform, or a combination of all three to address. The delayed financial reporting raises additional concerns about transparency and the actual current state of the finances, which could be worse than these already dire figures suggest.

Total Illinois Government Obligations – Comprehensive Picture

Total State Liabilities: $248.67 billion Total State Assets: $53.05 billion

Net Unfunded Liability: $187.7 billion in unfunded liability

Debt Ratio: 468.7%, the largest in the U.S.

This means every person in Illinois’s 12.7 million population would need to pay $14,780 to eliminate the state’s unfunded obligations.

Breakdown of Major Obligation Categories

1. Pension Unfunded Liabilities: $143.7 billion (as of latest COGFA report)

  • This represents the largest component of the state’s obligations
  • Pension obligations are not constituted of borrowing or financing, but rather are actuarially estimated payments that the State is obligated by law to pay in the future

2. Bonded Debt: $38.1 billion in total outstanding debt

  • Over the past ten years, the State of Illinois has reduced its total amount of outstanding debt by 13.5%, or $5.9 billion, from $44.0 billion to $38.1 billion

3. Major Bond Categories:

  • General Obligation (GO) bonds for capital projects, GO bonds for pension obligations, GO bonds to pay backlogged bills and Build Illinois revenue bonds
  • Pension Obligation Bonds: $8.4 billion in principal and interest is scheduled to be paid by the maturity date of June 2033
  • Bill Payment Bonds: $2.8 billion in principal and interest is scheduled to be paid by the maturity date of November 2029
  • Pension Buyout Bonds: $1.8 billion of $2.0 billion authorized has been issued

Critical Financial Reporting Issue

Severely Delayed Financial Reporting: Illinois still has no ACFR for 2023, a fiscal year that ended over 565 days ago, while states have averaged just 200 days to publish their ACFRs. This means the most current comprehensive audited financial data is over 2.5 years old.

Actionable Financial Impact Details

Annual Debt Service Growth:

  • Current pension contributions: $11.2 billion in FY 2025
  • Projected to grow to $18.5 billion by 2045
  • Governor Pritzker’s FY2026 budget proposal projects a year-over-year reduction in debt from the prior year of approximately $200 million, or 0.5%

New Bond Issuances: The State plans to issue nearly $2.1 billion in new GO bonds to fund capital projects in FY 2026, up from $1.3 billion in FY 2025.

Additional Context – Local Government Debt

The state-level figures above don’t include local government obligations. Historical analysis suggests that when including all state and local retirement obligations, state and local governments in Illinois owe more than $203 billion for pensions and retiree health insurance (though this figure is from 2017 and would be significantly higher today).

Contemporary Misuse of ‘Racism’ in Immigration Discussions

by

0

On the Misapplication of “Racism” in Immigration Discourse

I have concluded that many Americans, particularly in media and political commentary, frequently misapply the term “racism.” At its core, racism involves discriminating against someone based on their race or ethnicity. However, this fundamental definition has become obscured in contemporary political discourse.

The Immigration Law Context

Consider the ongoing debate over unauthorized border crossings from Central and South America. Federal immigration law specifically defines individuals who enter the country without proper documentation as “illegal aliens”—this is the precise legal terminology found in U.S. Code Title 8. When Americans express concern about unauthorized entry and call for enforcement of existing immigration laws, this opposition stems from legal and procedural objections, not racial animus.

Distinguishing Legal Concerns from Racial Discrimination

The key distinction lies in motivation and criteria. Those opposing illegal immigration cite several specific concerns:

  • Legal precedent: Immigration laws exist and should be enforced consistently
  • Process fairness: Legal immigrants who followed proper procedures deserve respect for their compliance
  • Resource allocation: Unauthorized entry can strain public services and infrastructure
  • National sovereignty: Countries have legitimate interests in controlling their borders

These objections would apply regardless of the immigrants’ racial or ethnic background. If unauthorized border crossers were primarily from Canada, Eastern Europe, or any other region, the same legal and procedural concerns would remain valid.

The Consequences of Misapplication

When legitimate policy disagreements are reflexively labeled as racism, several problems emerge:

  1. Definitional erosion: The term loses its precision and impact when applied too broadly
  2. Discourse shutdown: Complex policy discussions get reduced to accusations rather than substantive debate
  3. Actual racism obscured: Real instances of racial discrimination become harder to identify and address
  4. Political weaponization: The racism accusation becomes a tactical tool rather than a meaningful moral category

A More Precise Framework

Rather than defaulting to racism accusations, we might ask more specific questions:

  • Is the objection to unauthorized entry consistent across all ethnic groups?
  • Do the stated concerns focus on legal status rather than racial characteristics?
  • Are similar standards applied to immigration violations regardless of country of origin?
  • Do proposed solutions address legal processes rather than targeting specific ethnic groups?

This framework allows us to distinguish between legitimate policy preferences and actual racial discrimination, preserving the important moral weight that accusations of racism should carry.

And Biden is still an idiot…after all these years…

by

0

In May 2009, my inaugural year for blogging, I wrote that I thought Biden was a idiot. Not sure why I decided to pick on Biden at that point but I did and you can see my post for details.

In November 2019, I once again had to write that I thought Biden was an idiot… so 10 years from my initial assessment I concluded once again Biden was an idiot. Now that the idiot is President, I am more convinced that ever he is an idiot. He has never done anything as a Senator, as a legislator, as VP or now as President. Oh sure he has been a government hack or buffoon if you like, but he was aggressively mediocre in every capacity. I kinda coined the term “aggressively mediocre” just for Biden.

Now of course as President in 2024, he is not only still an idiot, he is too old, too worn out and sadly, but frankly showing signs of senility. He tells god awfully boring stories, which often are pure fabrication. I do not throw around the title of “idiot” haphazardly. I have given it serious thought using definitions, my observations as well as instincts… he is a idiot.

In 50 years, what did he seriously accomplish? If you wanna know go to my section on each of the last 3 Presidents and see my assessment. He was a bit zero. 94 Crime bill, that’s pretty much it. And I consider an accomplishment something that helps me personally and in turn all of you that may some day stumble onto this assessment. Accomplishments are not “feel good” statements, or committees they sit on, or platitudes on silly shit. I actually would suggest Biden has taken us backwards in the name of the “Green Dumb Deal”. Killed us financially! Oh he BORKED a Sumpreme Court nominee. Was he in on Clarence Thomas, as that was in Thomas’ words a “high class lynching”. Oh well once an idiot pretty much always an idiot.

I would not even walk across the street to meet Biden… why? That’s prcisely the question!

So in closing if you voted for Biden 2020, you were misled by the media. And now with the idiot gone, you have an even bigger idiot running for democrat President in Kamala Harris. Both a buffoons. And those instincts that said not to vote for Biden, but you hated Trump so much you ignored those instincts, well ignore your emotions and vote your instincts. Trump is the man.

I welcome any and all people that would suggest Trump did anything nefarious as President unlike Biden. The man lost $2 billion dollars as President and gave away his salary to boot. NO!!! He is not doing it for the money, unlike every other politician, he is doing it because he cares about all of us, black, brown and even a white boy like me.

Old enough to know better… still too young to care!

by

0

Approaching 65, I find little in common with my peers, gravitating instead towards those in their 30s to 50s. It seems to me that once people hit their early 40s, they begin to change, adopting the notion of “age appropriateness” for everything from speech to dress to hobbies, and even the company they keep, often judging others by these standards.

I find this concept amusing, with Social Security being the only age-appropriate aspect in my view. Changes with age are inevitable, but at 64, I resonate more with the 30s crowd than those in their 60s. Why? Because of the pervasive belief among many that one’s lifestyle changes with each passing decade to match one’s age.

I reject that notion! If you feel young, think young, and relate better to the younger generation, embrace it. I’m not advocating for extreme mismatches, like a 70-year-old at the beach in a thong hanging out with a 20-year-old chick, but rather for authenticity regardless of age. There’s no rulebook mandating age-appropriate behavior. I will always be true to myself and not conform to societal expectations of age.

This mindset isn’t universal but for this sexagenarian it feels just right.

The Importance of Truth in Political Campaigns: A Contrarian Viewpoint

by

0

Well I think we know the answer to this simple question.  Because if they tell the truth they risk not being elected.  But I have a contrarian viewpoint on this issue.  I actually think if Obama or McCain would look into the camera and simply say the following:  “Look folks, we are all Americans and its time to stop all the baloney and disinformation being spewed by both parties.  The truth is that we have some tough times ahead, but we will get through this.  We are Americans… there is nothing we can’t accomplish if we all pull together.   I promise to you in the humblest way possible, that I will do whatever it takes to get all Americans through this tough time.  But we will get through this… and I am the best prepared to do this… and here’s why!