Free Republic

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...

Does Gov. Bruce Rauner's pension math add up? Is it possible to cut spending $2.2 billion immediately, save taxpayers $100 billion over 30 years, protect everyone who's already retired and amortize $111 billion in unfunded pension liability without pushing current state workers and teachers into near-poverty when they retire? I spent most of the past week trying to get an answer to that question, talking to Rauner's team, independent financial experts and key lawmakers. My tentative conclusion—I say “tentative” because deciphering actuarial tables makes nuclear physics look simple—is: probably not.