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Illinois Bet the Farm and Lost—You'll Never Guess Who They Want to Pay the Tab

June 22, 2017
Staff

WRITER

Illinois is facing a fiscal crisis that would see normal businesses shutting their doors and packing up the U-Haul. But states are an entirely different matter. They're not allowed to declare bankruptcy.

Pensions, which a judge ordered must be paid by Illinois, now amount to 100 percent of the state's revenue. Moreover, those pension funds are invested in the stock market and cannot be paid without a guaranteed five to seven percent return --- which is nearly impossible. So lawmakers have come up with a new plan to solve the problem created by an overburdened, overreaching government: tax the rich.

"This is an actual proposal now. They want to tax the rich, but in particular, they are mad at the people who are making so much money on the stock market. So what they're going to do, in Illinois, they are now proposing a 'small' tax of 20 percent," Glenn explained Thursday on radio.

The other proposal on the table is to break up the state and have it absorbed by the surrounding states.

"How many people in Missouri want to now be responsible for East St. Louis?" Glenn asked.

Thanks, but no thanks, Illinois.

GLENN: Hello, America.

Back in -- when I was at Fox, I did a segment on pensions and how pensions were working for fire firefighters and police and everything else. And if you remember, it was like four or five -- when pensions first started, it was like four or five workers would support the firefighter that left. Remember?

The problem is, is that the pyramid has been turned upside down. Now, what's happening, is one person is trying to take care of three or four pensioners. And there's absolutely no way to cover it. The math doesn't work. The pyramid is upside down. And it's a pyramid scheme.

So what did they do? The -- the unions decided that they would take all of the money that was supposed to go to pensions and they would put it into the stock market. And they had to get a return of five to 7 percent a year to be able to cover -- what they said, cover all of the pensions. It still didn't work.

Stu, you're wise enough to -- on money investment. How -- how difficult is it to get a guaranteed return of five to 7 percent a year?

STU: There's actually no such thing as a guaranteed return, in this particular climate, of five to 7 percent a year.

GLENN: Right.

STU: I mean, if it's in the stock market, it's obviously never guaranteed.

GLENN: Right. And in the stock market, or any investment, say I need 7 percent or I collapse every year. Is that something you should put together?

STU: That's a horrific idea.

GLENN: Horrific idea. There's no -- there's nobody in --

PAT: You might get that some years.

GLENN: Correct.

PAT: You might even do better than that some years.

STU: Oh, yeah. And you will.

PAT: But it's almost a guarantee you won't get it every year.

GLENN: So because the pension is upside down, the pyramid pension is upside down, now you have one person paying for three people, it doesn't work. And the stock market has been up and down. You never know if you're going to get five to 7 percent. But if you put your money in, in 2008, when the stock market was, what? At about 8,000.

STU: It was in the 6800 range --

GLENN: Yeah, might have been 6800.

Okay. Today, the stock market is at 21,000.

STU: Right.

GLENN: So you got a pretty good return on your money, don't you think?

PAT: Yeah. Tripled it.

GLENN: Yeah. You put your money into the teacher's union and the teacher's union is invested in stocks, that's fantastic. You went from 6800 went to 21,000. That's probably the best run of the stock market in history.

We were at an all-time high of 21,000. Illinois now has 100 percent of every tax dollar coming in, going out to pay for the pensions. 100 percent of every tax dollar, which means nothing for schools, nothing for roads, nothing for infrastructure, nothing to pay the mayor, nothing but graft now for city council. Nothing. 100 percent.

And a judge has said, "You cannot reduce any of the pensions. They must -- the state of Illinois must pay 100 percent of those pensions," which is now taking 100 percent of every tax dollar to pay.

So now they're saying, "We're going to break Illinois up." One suggestion is we're going to break Illinois up into five separate states and give portions of the state of Illinois. So congratulations, St. Louis, you're going to get east St. Louis as well. And you just to have take care of that.

Or is it -- it's east St. Louis, isn't it? Across the border? Yeah. Congratulations. How many people in Missouri want to now be responsible for east St. Louis?

But congratulations. You might get that. And, you know, it will now be part of your state. Congratulations.

No, thank you. And you can pay for all the pensions and everything there. Well, that's not going to work. The states aren't going to do it. Because every state is in this condition.

So --

PAT: Except for Texas.

GLENN: Except for Texas. Be careful.

Now, what are they talking about -- besides -- they're not going to break the state up. So besides that, what is the state of Illinois suggesting that they do?

The state has a great idea. They say that the wealthy are getting rich off of the stock market. Now, let's remember that the pensions are all in the stock market. So it's not just the wealthy that are getting rich on the stock market. It's the people who have their money in 401(k)s, IRAs, and in pension funds. They're getting rich on the stock market. Or they're at least getting partially paid because of the stock market being run up. So what is Illinois' plan?

Oh, I'll show you next. And show you how this works out, a little like what's happening in London, when we come back.

GLENN: All right. Let me just -- let me just take you through this real quick, and then we're going to get to what lessons did the Democrats learn and where is the world headed.

The problem in Illinois is going to hit every -- is going to hit every state. And it's going to hit every state differently. The pensions -- and we're talked about the fire, the police, all -- all state workers -- the pensions are out of control and have been for a long time. And back in 2008 or 2009, as I outlined, if we don't take care of these problems now, we are going to be facing massive issues in the future and there will be no good outcome. The outcome will be, dump it into the lap of the federal government. That's what I said at the time, 2008, 2009, if you remember that episode.

Well, we're here now. And Illinois, which is the state that I used as the example, is the first one to start to collapse. They have -- the money that they owe people in pensions is going to take 100 percent of the budget, and the state has said that they have to have -- they have to pay these pensions. So that's 100 percent of the budget.

The pensions are invested in the stock market. And for them to pay the pensions -- this is what they claimed -- they needed a five to 7 percent guaranteed return on their money. Well, that's impossible. I mean, that's -- you know, I know the Bernie Madoff. But it's on the road to Bernie Madoff. Nobody can promise you five to seven. But you had to have five to 7 percent in pensions because they wouldn't reduce the pensions they promised everybody. And we all accepted it. And the politicians were too greedy to say these unions are lying to you. You're never going to be able to retire because this is -- this is nothing but a Ponzi scheme.

All right. They're not getting enough of the return. They're not able to be able to make the money when the stock market is at 21,000. The highest ever. And they still can't make these pensions work.

It's not like, we had a crash, and it was unexpected. No, no, no. Highest stock market ever. And it's still not enough.

What happens if we have a correction and it falls to 15,000? What happens if -- let's be crazy and say another, you know, 2008 happens and it falls down to 16800. Or another Great Depression happens.

Well, what happens to then the Illinois pension fund, which is now taking 100 percent of the budget? Is it 200 percent of the budget?

So Illinois has bankruptcy. No, that's not going to work. Because a state can't declare bankruptcy. They can break the state apart. That's not going to happen.

So they're left with taxes. Let's take more from the poor, right? Isn't it the poor?

No. No. Sorry. They want to tax the rich.

Now, who are they taxing? Who are they going to tax? This is an actual proposal now. They want to tax the rich, but in particular, they are mad at the people who are making so much money on the stock market.

So what they're going to do, in Illinois, they are now proposing a small tax of 20 percent.

PAT: Oh, my gosh. On --

GLENN: On transactions in the stock market. Okay.

PAT: Good golly.

STU: What?

GLENN: 20 percent tax over a certain amount for the uber rich.

Well, Stu, you're investing money in the stock market, and Illinois sets a trap up to take 20 percent of your money. What do you do?

STU: Putting my money somewhere else, because even if I'm successful, I lose under this proposal.

GLENN: Correct. If I get a 7 percent return on my money and I want to move my money, I lose an additional 13 percent. I lose the 13 percent -- I'm sorry. No, no, no, wait. I lose -- yeah, 13 percent. Because I've made seven, but they're taking 20. So I've lost 13 percent of my money, even though I gained.

STU: So then, of course, these wealthy individuals do not invest in the stock market. And what happens to the stock market when they don't invest in it?

GLENN: What? What are you talking about?

STU: Yeah, it doesn't stay up. If you start taking millionaires or billionaires out of the stock market, that doesn't help.

GLENN: Yeah. Or because you are taxing the people of Illinois, something else happens too.

STU: People move the hell out of the state.

GLENN: Yes. There we go. They move. They take their crap and they leave Illinois.

STU: Now, that helps the pension funding, right?

GLENN: No.

STU: Because not having those people there -- they're so bad for the economy, those rich people.

GLENN: No. No. No.

So now they're gone.

PAT: Jeez.

JEFFY: Well, we've got to do something about that. We've got to make it so that they can't move.

GLENN: Right. Right. So now there's two problems: That's not going to work. It will only make things worse. And then the state will say, we've got to make it so people can't move.

This is going to be -- there's another problem that is going on. So the state will have to move it up to the federal government because the federal government will be the only one that could be the backstop. Because Illinois is too big to fail. There's another problem.

If I have my pension in the firefighters union or the police union and I'm already seeing in places like Dallas that there's no way I'm going to get my pension, it's starting to collapse in a healthy city, like Dallas. I'm going to do, what? I'm going to ask for my cash payout. I'll take less to get my money now.

So once they start to see what's really happening in Illinois and they realize, this whole thing is going to collapse, all of the people who have pensions are now going to say, "I'm getting my money out now." And that's -- what happens -- what do we call that when it happens to banks?

PAT: Run on the bank.

GLENN: Run on the bank. So what do they do? They usually close the bank so you can't do a run on the bank. And then they tell you, you can only take out a certain amount. So now you don't have a choice anymore.

The federal government will tell you, you can't take the pension money. You can't take a lump sum anymore because it will cause a run on the pensions. So when this happens and you have the stock market -- let's say the stock market crashes and the extra taxes on the rich don't work and then people start to lose their job and lose their money in their 401(k) and you don't have a pension, the federal government is going to bail you out. By putting that much money -- by printing that much money, what happens then again to our money? Because now we're printing millions and billions of dollars, that is going to have velocity.

POLL: Starbase exposed: Musk’s vision or corporate takeover?

MIGUEL J. RODRIGUEZ CARRILLO / Contributor | Getty Images

Is Starbase the future of innovation or a step too far?

Elon Musk’s ambitious Starbase project in South Texas is reshaping Boca Chica into a cutting-edge hub for SpaceX’s Starship program, promising thousands of jobs and a leap toward Mars colonization. Supporters see Musk as a visionary, driving economic growth and innovation in a historically underserved region. However, local critics, including Brownsville residents and activists, argue that SpaceX’s presence raises rents, restricts beach access, and threatens environmental harm, with Starbase’s potential incorporation as a city sparking fears of unchecked corporate control. As pro-Musk advocates clash with anti-Musk skeptics, will Starbase unite the community or deepen the divide?

Let us know what you think in the poll below:

Is Starbase’s development a big win for South Texas?  

Should Starbase become its own city?  

Is Elon Musk’s vision more of a benefit than a burden for the region?

Shocking truth behind Trump-Zelenskyy mineral deal unveiled

Chip Somodevilla / Staff | Getty Images

President Donald Trump and Ukrainian President Volodymyr Zelenskyy have finalized a landmark agreement that will shape the future of U.S.-Ukraine relations. The agreement focuses on mineral access and war recovery.

After a tense March meeting, Trump and Zelenskyy signed a deal on Wednesday, April 30, 2025, granting the U.S. preferential mineral rights in Ukraine in exchange for continued military support. Glenn analyzed an earlier version of the agreement in March, when Zelenskyy rejected it, highlighting its potential benefits for America, Ukraine, and Europe. Glenn praised the deal’s strategic alignment with U.S. interests, including reducing reliance on China for critical minerals and fostering regional peace.

However, the agreement signed this week differs from the March proposal Glenn praised. Negotiations led to significant revisions, reflecting compromises on both sides. What changes were made? What did each leader seek, and what did they achieve? How will this deal impact the future of U.S.-Ukraine relations and global geopolitics? Below, we break down the key aspects of the agreement.

What did Trump want?

Bloomberg / Contributor | Getty Images

Trump aimed to curb what many perceive as Ukraine’s overreliance on U.S. aid while securing strategic advantages for America. His primary goals included obtaining reimbursement for the billions in military aid provided to Ukraine, gaining exclusive access to Ukraine’s valuable minerals (such as titanium, uranium, and lithium), and reducing Western dependence on China for critical resources. These minerals are essential for aerospace, energy, and technology sectors, and Trump saw their acquisition as a way to bolster U.S. national security and economic competitiveness. Additionally, he sought to advance peace talks to end the Russia-Ukraine war, positioning the U.S. as a key mediator.

Ultimately, Trump secured preferential—but not exclusive—rights to extract Ukraine’s minerals through the United States-Ukraine Reconstruction Investment Fund, as outlined in the agreement. The U.S. will not receive reimbursement for past aid, but future military contributions will count toward the joint fund, designed to support Ukraine’s post-war recovery. Zelenskyy’s commitment to peace negotiations under U.S. leadership aligns with Trump’s goal of resolving the conflict, giving him leverage in discussions with Russia.

These outcomes partially meet Trump’s objectives. The preferential mineral rights strengthen U.S. access to critical resources, but the lack of exclusivity and reimbursement limits the deal’s financial benefits. The peace commitment, however, positions Trump as a central figure in shaping the war’s resolution, potentially enhancing his diplomatic influence.

What did Zelenskyy want?

Global Images Ukraine / Contributor | Getty Images

Zelenskyy sought to sustain U.S. military and economic support without the burden of repaying past aid, which has been critical for Ukraine’s defense against Russia. He also prioritized reconstruction funds to rebuild Ukraine’s war-torn economy and infrastructure. Security guarantees from the U.S. to deter future Russian aggression were a key demand, though controversial, as they risked entangling America in long-term commitments. Additionally, Zelenskyy aimed to retain control over Ukraine’s mineral wealth to safeguard national sovereignty and align with the country’s European Union membership aspirations.

The final deal delivered several of Zelenskyy’s priorities. The reconstruction fund, supported by future U.S. aid, provides a financial lifeline for Ukraine’s recovery without requiring repayment of past assistance. Ukraine retained ownership of its subsoil and decision-making authority over mineral extraction, granting only preferential access to the U.S. However, Zelenskyy conceded on security guarantees, a significant compromise, and agreed to pursue peace talks under Trump’s leadership, which may involve territorial or political concessions to Russia.

Zelenskyy’s outcomes reflect a delicate balance. The reconstruction fund and retained mineral control bolster Ukraine’s economic and sovereign interests, but the absence of security guarantees and pressure to negotiate peace could strain domestic support and challenge Ukraine’s long-term stability.

What does this mean for the future?

Handout / Handout | Getty Images

While Trump didn’t secure all his demands, the deal advances several of his broader strategic goals. By gaining access to Ukraine’s mineral riches, the U.S. undermines China’s dominance over critical elements like lithium and graphite, essential for technology and energy industries. This shift reduces American and European dependence on Chinese supply chains, strengthening Western industrial and tech sectors. Most significantly, the agreement marks a pivotal step toward peace in Europe. Ending the Russia-Ukraine war, which has claimed thousands of lives, is a top priority for Trump, and Zelenskyy’s commitment to U.S.-led peace talks enhances Trump’s leverage in negotiations with Russia. Notably, the deal avoids binding U.S. commitments to Ukraine’s long-term defense, preserving flexibility for future administrations.

The deal’s broader implications align with the vision Glenn outlined in March, when he praised its potential to benefit America, Ukraine, and Europe by securing resources and creating peace. While the final agreement differs from Glenn's hopes, it still achieves key goals he outlined.

Did Trump's '51st state' jab just cost Canada its independence?

Bloomberg / Contributor | Getty Images

Did Canadians just vote in their doom?

On April 28, 2025, Canada held its federal election, and what began as a promising conservative revival ended in a Liberal Party regroup, fueled by an anti-Trump narrative. This outcome is troubling for Canada, as Glenn revealed when he exposed the globalist tendencies of the new Prime Minister, Mark Carney. On a recent episode of his podcast, Glenn hosted former UK Prime Minister Liz Truss, who provided insight into Carney’s history. She revealed that, as governor of the Bank of England, Carney contributed to the 2022 pension crisis through policies that triggered excessive money printing, leading to rampant inflation.

Carney’s election and the Liberal Party’s fourth consecutive victory spell trouble for a Canada already straining under globalist policies. Many believed Canadians were fed up with the progressive agenda when former Prime Minister Justin Trudeau resigned amid plummeting public approval. Pierre Poilievre, the Conservative Party leader, started 2025 with a 25-point lead over his Liberal rivals, fueling optimism about his inevitable victory.

So, what went wrong? How did Poilievre go from predicted Prime Minister to losing his own parliamentary seat? And what details of this election could cost Canada dearly?

A Costly Election

Mark Carney (left) and Pierre Poilievre (right)

GEOFF ROBINSPETER POWER / Contributor | Getty Images

The election defied the expectations of many analysts who anticipated a Conservative win earlier this year.

For Americans unfamiliar with parliamentary systems, here’s a brief overview of Canada’s federal election process. Unlike U.S. presidential elections, Canadians do not directly vote for their Prime Minister. Instead, they vote for a political party. Each Canadian resides in a "riding," similar to a U.S. congressional district, and during the election, each riding elects a Member of Parliament (MP). The party that secures the majority of MPs forms the government and appoints its leader as Prime Minister.

At the time of writing, the Liberal Party has secured 169 of the 172 seats needed for a majority, all but ensuring their victory. In contrast, the Conservative Party holds 144 seats, indicating that the Liberal Party will win by a solid margin, which will make passing legislation easier. This outcome is a far cry from the landslide Conservative victory many had anticipated.

Poilievre's Downfall

PETER POWER / Contributor | Getty Images

What caused Poilievre’s dramatic fall from front-runner to losing his parliamentary seat?

Despite his surge in popularity earlier this year, which coincided with enthusiasm surrounding Trump’s inauguration, many attribute the Conservative loss to Trump’s influence. Commentators argue that Trump’s repeated references to Canada as the "51st state" gave Liberals a rallying cry: Canadian sovereignty. The Liberal Party framed a vote for Poilievre as a vote to surrender Canada to U.S. influence, positioning Carney as the defender of national independence.

Others argue that Poilievre’s lackluster campaign was to blame. Critics suggest he should have embraced a Trump-style, Canada-first message, emphasizing a balanced relationship with the U.S. rather than distancing himself from Trump’s annexation remarks. By failing to counter the Liberal narrative effectively, Poilievre lost momentum and voter confidence.

This election marks a pivotal moment for Canada, with far-reaching implications for its sovereignty and economic stability. As Glenn has warned, Carney’s globalist leanings could align Canada more closely with international agendas, potentially at the expense of its national interests. Canadians now face the challenge of navigating this new political landscape under a leader with a controversial track record.

Top FIVE takeaways from Glenn's EXCLUSIVE interview with Trump

Image courtesy of the White House

As President Trump approaches his 100th day in office, Glenn Beck joined him to evaluate his administration’s progress with a gripping new interview. April 30th is President Trump's 100th day in office, and what an eventful few months it has been. To commemorate this milestone, Glenn Beck was invited to the White House for an exclusive interview with the President.

Their conversation covered critical topics, including the border crisis, DOGE updates, the revival of the U.S. energy sector, AI advancements, and more. Trump remains energized, acutely aware of the nation’s challenges, and determined to address them.

Here are the top five takeaways from Glenn Beck’s one-on-one with President Trump:

Border Security and Cartels

DAVID SWANSON / Contributor | Getty Images

Early in the interview, Glenn asked if Trump views Mexico as a failed narco-state. While Trump avoided the term, he acknowledged that cartels effectively control Mexico. He noted that while not all Mexican officials are corrupt, those who are honest fear severe repercussions for opposing the cartels.

Trump was unsurprised when Glenn cited evidence that cartels are using Pentagon-supplied weapons intended for the Mexican military. He is also aware of the fentanyl influx from China through Mexico and is committed to stopping the torrent of the dangerous narcotic. Trump revealed that he has offered military aid to Mexico to combat the cartels, but these offers have been repeatedly declined. While significant progress has been made in securing the border, Trump emphasized that more must be done.

American Energy Revival

Bloomberg / Contributor | Getty Images

Trump’s tariffs are driving jobs back to America, with the AI sector showing immense growth potential. He explained that future AI systems require massive, costly complexes with significant electricity demands. China is outpacing the U.S. in building power plants to support AI development, threatening America’s technological leadership.

To counter this, Trump is cutting bureaucratic red tape, allowing AI companies to construct their own power plants, potentially including nuclear facilities, to meet the energy needs of AI server farms. Glenn was thrilled to learn these plants could also serve as utilities, supplying excess power to homes and businesses. Trump is determined to ensure America remains the global leader in AI and energy.

Liberation Day Shakeup

Chip Somodevilla / Staff | Getty Images

Glenn drew a parallel between Trump’s “Liberation Day” tariffs and the historical post-World War II Liberation Day. Trump confirmed the analogy, explaining that his policy aims to dismantle an outdated global economic order established to rebuild Europe and Asia after the wars of the 20th century. While beneficial decades ago, this system now disadvantages the U.S. through job outsourcing, unfair trade deals, and disproportionate NATO contributions.

Trump stressed that America’s economic survival is at stake. Without swift action, the U.S. risks collapse, potentially dragging the West down with it. He views his presidency as a critical opportunity to reverse this decline.

Trouble in Europe

BRENDAN SMIALOWSKI / Contributor | Getty Images

When Glenn pressed Trump on his tariff strategy and negotiations with Europe, Trump delivered a powerful statement: “I don’t have to negotiate.” Despite America’s challenges, it remains the world’s leading economy with the wealthiest consumer base, making it an indispensable trading partner for Europe. Trump wants to make equitable deals and is willing to negotiate with European leaders out of respect and desire for shared prosperity, he knows that they are dependent on U.S. dollars to keep the lights on.

Trump makes an analogy, comparing America to a big store. If Europe wants to shop at the store, they are going to have to pay an honest price. Or go home empty-handed.

Need for Peace

Handout / Handout | Getty Images

Trump emphasized the need to end America’s involvement in endless wars, which have cost countless lives and billions of dollars without a clear purpose. He highlighted the staggering losses in Ukraine, where thousands of soldiers die weekly. Trump is committed to ending the conflict but noted that Ukrainian President Zelenskyy has been a challenging partner, constantly demanding more U.S. support.

The ongoing wars in Europe and the Middle East are unsustainable, and America’s excessive involvement has prolonged these conflicts, leading to further casualties. Trump aims to extricate the U.S. from these entanglements.