Posted on 11/22/2021 12:37:10 PM PST by Jan_Sobieski
There’s a lesson here not only about Illinois pensions but about how easily the press will let Gov. J.B. Pritzker thumb his nose at a crisis.
We reported Wednesday that the total unfunded liability for Illinois state and local pensions passed the $500 billion mark. That includes pensioner healthcare liabilities, which are constitutionally guarantied just like pensions. It is based on numbers from Moody’s Investor Services which uses assumptions comparable to those used in the private sector and are less optimistic than those the state uses. Read Wirepoints Special Report: Illinois pension shortfall surpasses $500 billion, average debt burden now $110,000 per household
Greg Hinz at Crain’s asked Gov. J.B. Pritzker’s office for a response.
“Pritzker’s office is pushing back on the notion that he’s done too little,” wrote Hinz. “Steps such as discounted buyouts of some pensions have ‘begun to bend the curve,’ with the percentage of total spending that goes to pension now flattening, a spokeswoman says in an email.”
Nonsense. Pritzker has done nothing significant whatsoever to fix pensions and it is particularly dishonest to cite pension buyouts as an example of progress.
Pritzker has long been boasting about pension buyouts but forever refuses to provide any support or analysis showing that buyouts would have any meaningful effect. We and others have written about it repeatedly…
(Excerpt) Read more at wirepoints.org ...
The pensions were looted years ago by Illinois politicians.
Jan,
I’m sure that the people of Illinois can work this out without my help. Just tax a little more and pay out a little less, and there you go. If not? Oh, well.
You stole my thought.....
Wow, if someone moves to Illinois, they take on $10K of debt to pay for someone else to lay around.
When the house of cards finally tumbles the daily life economy for the average person will resemble the Soviet Union.
And when two people leave, as we are planning on doing, that debt burdens gets even bigger on the people who stay.
L
Wow, if someone moves to Illinois, they take on $10K of debt to pay for someone else to lay around.
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$110K not $10K
Illinois pension shortfall surpasses $500 billion, average debt burden now $110,000 per household
Like Soc Sec and Medicare, it’s not really a “problem” until you get to the finish line. Until then, party on!
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