Illinois Hits a New Low as Springfield Prepares for Pension Debate
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  • 1. Public sector pensions are paid via generational wealth transfers, not by current-generation saving (as are private sector pensions nowadays).
    2. Fixing these pensions – funding them – requires kids from whom wealth can be transferred.

    3. Not fixing them requires no kids.
    4. Check Blue State demographics; Blue voters don’t HAVE kids.

    5. If Blue State voters decided to fix their pensions, they’d be unable to do so.

    Ergo – why bother?

  • Anthony

    Illinois’ problem: “economic decline, dwindling revenues and population, steep increases in labor costs, mismanagement, corruption, politics, and legal or fiscal impediments to reform…misfortunes.” Also, under counting true value of negotiated pension benefit adds hidden costs – see reforming public pensions to protect public services (Manhatten Institute).

  • bigfire

    As the mayor of San Jose once said, the last employee of the city is the guy singing the pension check.

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