Posts in category "Pensions"

Nearly half the $13,077 Illinois spends per student goes, not to the students, but to pensions

Illinois public schools are under attack; they don’t get enough money; they don’t get respect. Give them more and more and more money. From statements like those, you’d think that Attila the Hun is riding into Illinois with the sole mission of slashing education funds down to nothing with the intent of making American children the... Read more »

What about private sector employees who don't have a retirement plan

More than half of nongovernment workers have no access to a retirement savings plan through their employers, according to AARP. In Illinois, 2,317,653 non-government employees don’t have a plan. And Social Security alone is not enough to meet retirees’ needs. So, what is to be done? Some states, including Illinois, are looking to do something about it. “Governing,”... Read more »

The grim truth about Chicago's pension mess...

and a possible solution. While the Chicago Teachers Union and other mouthpieces for those luxurious government pensions prattle on about how unfair they’re been treated, the grim truth is that Chicago’s public pensions are in much worse shape than we’re being led to believe. If you doubt it (and can get past your built-in, blind... Read more »
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Hey AFSCME, what the hell now?

Instead of crowing about how the Illinois Supreme Court rejected the latest effort to solve Chicago’s suffocating pension problems, it would be nice if AFSCME suggested a solution for funding public employee pensions–other than taxing everyone into oblivion. Demonstrating once again that they are prepared to ride into hell on the backs of Chicago and... Read more »

Public employee pension funding estimates screwed up

Here are two related stories that indicate that actuaries screwed up the real cost of public employee pensions. In the first, a prominent actuary, Jeremy Gold,  blames his fellow actuaries for irresponsibly underestimating the costs. As he said: ““I’m here to tell you a story about how a profession failed to fulfill its duties to the... Read more »

10 phony reasons justifying bloated public employee pensions

Richard Rider in FlashPoint goes after the long-standing myths that public employee unions and others use to justify bloated public employee pensions: “Public employees deserve high pensions because of their low pay.” FALSE. Perhaps true at one time, but not anymore. In many if not most instances, today’s government employees are earning the same or more... Read more »
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Why the stock market IS important

For most people, the stock market isn’t that important. That’s according to Edward Stuart, emeritus professor of economics at Northeastern Illinois University, who suggested in a recent appearance on WTTW’s Chicago Tonight not to worry about the recent market plummet. Tribune Pulitzer Prize-winning columnist Mary Schmich was so taken aback by the assertion that she followed up with... Read more »

Nearly a quarter of every dollar of Chicago's revenues goes to pensions

I had not realized that nearly a quarter of every dollar that Chicago receives from taxes, grants, fines and fees goes to pay for its pensions. How can the city survive laboring under such a burden? This startling number was found here, in blog called “Expected Loss.” The blogger, Marc Joffe, wrote: In 2013, expenditures... Read more »

Ban public employe strikes in Illinois

If we really want to help solve Illinois’ tottering financial condition, we should ban public employe strikes in Illinois. Illinois Gov. Bruce Rauner doesn’t go far enough when he starts talking about turning Illinois into a “right-to-work” state. That’s a great idea as far as it goes. As a former union official myself, I agree... Read more »
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Democracy sucks

How else, other than democracy sucks, to explain the horrendous state of Chicago and Illinois. How else to explain the seemingly ho-hum attitude (see John Kass’ eloquent column) toward former IRS executive Lois Lerner’s missing two (yes, two!) years of emails and the oh-so coincidental hard drive crash to some of the people who received... Read more »
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