Ooops! Illinois pension crisis much worse than thought

"Moody's Investors Service reported that Illinois' true unfunded pension liability in fiscal year 2011 was nearly 65% higher than the state's official estimate.

The problem is that the unions will not give up their defined benefit plans because they are so lucrative. The only way they are going to budge is if the state is forced into bankruptcy, as unions in some California towns that have already gone bankrupt are finding out. 

Illinois is heading for a crash and the taxpayer is probably going to suffer the most."     [American Thinker]