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To: Theoria

Cut the fooken insane pensions!!!


6 posted on 04/17/2020 7:08:55 PM PDT by 2banana (My common ground with islamic terrorists - they want to die for allah and we want to kill them.)
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To: 2banana

The reason IL is in such tough shape is that their constitution prohibits reductions in public employee benefits. So, you cannot solve the problem by reducing outflow of $ - you have to raise taxes to match revenues to benefits. A responsible legislature would have done that year in and year out by funding the pension program. But Illinois made unrealistic assumptions about rate of return on pension trust funds, and well, they are now under 50% of what would be fully funded. Wisconsin - has in excess of 100% (or at least did until very recently.) And that means that Wisconsin taxpayers shouldered the burden of funding their plan properly.

I really expected this while Obama was in office, but probably a shrewd move to try and mask this in the emergency response. So, the taxpayers of Wisconsin, and all other responsible states, are to subsidize the irresponsible behavior of Illinois. I don’t think so.


75 posted on 04/17/2020 8:43:04 PM PDT by Wally_Kalbacken
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