Posts tagged "public employee pensions"

Chicago's pension debt still is a "sinkhole"

Mayor Rahm Emanuel hailed as good news that fact that Fitch credit rating service didn’t plunge Chicago’s debt into junk bond status. Instead Fitch has decided to keep the BBB-minus rating on the city’s $9.2 billion in outstanding general obligation bonds. That means that it is only one step above junk bonds.  It also called the... Read more »

Illinois turns retired state college employees into millionaires. How does your pension compare?

Total up what you expect to receive from your private pension and social security and see if it matches the astonishing rich pensions that the state of Illinois (i.e. taxpayers) gives to its public university employees. There’s a guy who, believe it, is expected to receive a $22.3 million lifetime state sponsored pension. He leads... Read more »

Chicago SHOULD declare bankruptcy

For some analysts, bankruptcy would be a disaster for Chicago. For others, it would be impossible because it isn’t permitted (yet) by state law. But here’s a school of thought asserting that bankruptcy for Chicago (and Chicago Public Schools) is not only possible, but advisable. It is proposed by Center for Pension Integrity (CPI) is a not-for-profit, non-partisan... Read more »
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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 »

What if, Illinois?

For information on my award-winning historical novel, “Madness: The War of 1812,” visit: http://www.madness1812.com Like The Barbershop? You can subscribe to it by typing in your email address in the box below and click the “create subscription” button. My list is completely spam free, and you can opt out at any time.
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Bankrupt Detroit pensioners agree to cuts; is Chicago next?

Reports the Detroit News in a story that didn’t get much attention here in Chicago: Detroit— A committee representing retirees in Detroit’s bankruptcy said Friday it has reached “an agreement in principle” to support the city’s debt-cutting reorganization plan — a breakthrough that could speed the Motor City’s exit from bankruptcy court. Under the deal,... Read more »

Update and clarification: Replace all Illinois public employees with contract workers

Firing state employes could solve Illinois’ pension problems. As Illinois daily sinks ever deeper into the financial cesspool, 35 states are considering cutting taxes, according to the National Conference of State Legislatures. Indiana cut its personal income tax 5 percent over two years and, with a variety of others cuts, will save taxpayers about $600... Read more »

'Cowardice' is why Michael Madigan might stymie Illinois pension reform

That’s according to a business group that is lobbying “with sharp elbows” to reform the lavish Illinois public employee pensions. The Chicago News Cooperative puts it all into perspective as D-Day for pension reforms arrives on Thursday. It’s worth a read here.
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