The pension crisis is brewing and the one state that appears to be
heading toward a complete bankruptcy is Illinois. Clients should not own
ANY debt from Illinois, be it city, municipal, or state. Just get out
before the curtain falls. The Illinois Constitution plainly states that
pension benefits, once granted, “shall not be diminished or impaired.”
Thus, taxpayers are absolutely screwed and this is not a place you want
to own property. Governments cannot negotiate to reduce pensions so
state workers will be pitted against taxpayers. The Supreme Court has struck down any attempt to reduce liabilities based upon this clause in the Illinois Constitution.