🚨 "They Will BANKRUPT the System" — JB Pritzker SLAMMED for Putting Illinois Pension At RISK

Ajouté : 2026-06-01

[00:00:00]And we're back. And we're back, y'all.

[00:00:01]Thank you for watching today. Go ahead and hit that like button, my people. You know that it helps us out a ton. And of course, it helps you because it helps us keep bringing you these stories every day. Now, y'all, this video is about your pension, y'all. I know many of you listening to this probably have a pension or maybe wish you had a pension.

[00:00:23]Some of you are thinking about I'm about to retire, about to get that that nice retirement income coming in. But y'all, I I'm starting to think, and don't get me wrong, I'm not being alarmist about this, but I'm starting to think that the retirements are probably in trouble, y'all. Now, what made me think about this? Well, I saw a video out of Illinois that they are chronically underfunding their pension and every year pushing the can down the road and that eventually something may just break. So, in this video, we're going to take a look at not only has Illinois done that, but your boy Zorhan Scam Dynazies over there in New York City, he just did that. He called it a big win for New York City, but nah, he just pushed the pinion down the road, y'all.

[00:01:11]And also we're going to take a look at two places in the United States within notsodistant memory, y'all, where their pension systems actually broke and people had their pensions cut, y'all.

[00:01:24]I'm talking about from the government.

[00:01:25]We'll take a look at two situations where that happened. And now JB Pritsker in Illinois is being criticized because people in his state are saying, "Look, man, you're not funding the pension correctly and you're putting us in a whole lot of trouble. You're kicking the can down the road and every year that you put this off. We're going to have to pay more money out of a state that's already going broke. Y'all, without further ado, let's go ahead and get into it." instead of going full stop uh to try to get it under control.

[00:01:58]>> It's not doing enough. And every single year that they choose to pay less than what's actually required, it's getting us deeper and deeper into this hole.

[00:02:08]This year when actuaries said we need over $17 billion to pay down the debt in 20 years, a few years ago it was 14 billion. A few years after that, it was 15 billion. And we we can see that number continue and continue to grow and the budget get tighter and tighter. And so at a certain point, we can no longer just make the minimum payments required.

[00:02:29]We have to actually make the necessary decisions to pay down the debt. Not just for future generations of Illinois families, but also for the workers in this system who have the option hanging over their head that one day they're going to get a call that says, "We don't have enough money in these pension systems to make your payments." And we've seen that happen in Detroit, in San Bernardino, and we don't want Illinois to be another story added to that list.

[00:02:54]>> Now, there she mentions two places where the pensions went broke. I went back into the archives and found just a few clips about these two places. One is Detroit, Michigan. The other is San Bernardino County in California. So, we're just going to give you a two quick clips so that you can see. Yeah, she she knew what she was talking about. Both of these places, they did their they did their residents dirty when it came to the pension.

[00:03:21]>> Tomorrow, thousands of Detroit city retirees will see their monthly pension checks cut by nearly 5%. It was part of the concessions agreed to by retirees in order to avoid steeper cuts during the city's bankruptcy proceedings.

[00:03:34]>> A was cleared today for the largest public bankruptcy in American history. A federal judge approved a plan that will, among other things, allow Detroit to reduce the pensions of city workers and retirees. Something that they long thought could never and would never happen. In both San Diego and San Jose, where employees will have to pay up to 16% more out of their salaries or accept smaller retirement checks, Mayor Chuck Reid ran for reelection on a promise of pension reform. Unless you think that this is just a problem for the future.

[00:04:10]Not really, y'all. Because these states, y'all, and cities like Chicago, they're already suffering from credit downgrades, from credit warnings, which raises the cost of borrowing money. And you know, they all live off borrowed money. So this is actually exacerbating the problem because when you have to pay more to borrow money now obviously that reduces what you can actually do because you're paying more in interest and it also makes a future default more likely.

[00:04:41]That's why they charge you more interest. They're like, "Yo, you might default. Let me go ahead and get more interest out of >> and a part of this goes into our um our credit ranking." Uh correct?

[00:04:53]>> Yes. Yes. Mil Illinois's credit ranking is quite low and and the people that decide the credit ranking have said that changes to the pension system such as increases to tier 2 would play a role in potentially decreasing our credit ranking.

[00:05:11]>> Um I think one of the hard things though uh when it comes to pension systems um has to do with who who we're talking about here. like who who falls under the pension system and especially um maybe some of the the higher profile um careers that that fall under this.

[00:05:33]>> Yeah, the pension system affects a lot of our public sector workers um and public servants. So, police and fire, they are all under the pension system whether in the city of Chicago or downstate and their pensions are frequently some of the less funded pension systems. those people deserve a secure retirement. Also, university professors, teachers, you also have the um lawmakers who have their own pension system. And so, every time that we say that we're not going to fully fund these pension systems and make the necessary changes to ensure that this is an amount that taxpayers can keep up with, we are making them have an un insecure retirement.

[00:06:16]>> And then this all got me thinking about your boy Scum Dynazies, y'all. I was like, I heard he did something with the pension. He said that New York was facing a $12 billion budget shortfall.

[00:06:27]We're talking about New York City. And then miraculously, he closed the whole budget shortfall within just a few weeks. And I remember, hold up, didn't they say he did some funny business with the pensions, y'all? $2.5 billion.

[00:06:41]He do some funny business with the pensions. Yeah. Yeah. That's what they say, y'all. It also includes allowing the city to delay pension payments, which should save around 2.2 billion over the next two years.

[00:06:53]>> That was his solution. Tom, I think you would you were about to say something.

[00:06:56]>> I just I just found it in plain sight, right? I I agree with this.

[00:07:00]>> He delayed the pension plan. Did you see that? He delayed it for two years.

[00:07:04]>> So, in other words, Eric Adams 5, Albany 4, 9, wealth tax a half, 9 and a half, two billion on the pensions delays funding. That's 11.5 billion.

[00:07:13]>> Did you understand what it means by the pension? delay the pension for 5 years or 3 years to be able to say, "Hey, we don't have to put this now."

[00:07:20]>> So, I encourage everybody to take your financial future into your own hands if you at all have any working years left in you, y'all. I wouldn't trust I I would not put my full trust in the government to take care of me, y'all.

[00:07:35]Because they're telling everybody they're going to take care of them.

[00:07:37]They're telling the people in the country without permission they'll take care of them. They're telling people they're going to give them free stuff.

[00:07:42]Free food, free housing, free bus rides.

[00:07:47]Everything's going to be free for everybody, y'all. Who's going to pay for it? You already know who's going to pay for it. So, y'all let let me know. What do you think? Do you trust the government? Are you on a pension? Do you trust them to keep funding it? I'll be honest, y'all. I never in my whole life have ever thought of of retiring like on some on the government dime, but I still I'm still of working age and I think I'm doing okay. So that's never been like within my purview. It's never been something that I ever thought I would require or depend on. But my dad was retired, right? My dad was retired and many people in my family have been retired and it would have been devastating for them to suffer a cut to their to their retirement payments or to their pension, y'all. So, let me know what y'all think. Drop a comment down below. But before you do, please stop, hit the share button, share this video out over email, text message, WhatsApp, Facebook, Snapchat, Instagram, all your favorite social mediums. And of course, if you're not a subscriber, please do subscribe. Thank you'all for watching.

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