llinois, deep in pension hole, trying to dig out
Springfield, Ill. Its hard to imagine how the proud and prosperous prairie state of Illinois could have turned itself into one of the nations financial basket cases, but theres no getting around it.
And its all for one main reason a succession of governors and legislatures have failed for decades to properly fund pensions for state workers, leaving a potential liability of $98 billion. Thats billions with a B and not millions.
The problem stretches back through the administrations of governors both Democratic and Republican, all of whom have eased budget difficulties by underfunding the public employee pensions. Quinn is the first governor to make full payments, but they are nowhere near enough to make up the gap.
After years of underpayments, a deal in 1994-95 under Gov. Jim Edgar was supposed to solve the problem with increased payments, but the money never materialized, and the deferrals continued right through the Blagojevich administration.
http://labortribune.com/illinois-deep-in-pension-hole-trying-to-dig-out/
Drale
(7,932 posts)He's doing everything he can to be a good governor and he is the best governor in my lifetime but he gets such a bad rap because of what the idiots before him did and the debt. I am really afraid that next time the governor is up for election, the stupid gullible people of Illinois will elected a repuke, like Bill Brady and that would fuck everything up.
he does have a devil of a mess with which to contend.
riverbendviewgal
(4,251 posts)And the promise of applying state money toward the peoples pensions should have been honored. The state is responsible for being irresponsible. All those state lawmakers should forego their state pensions. All of their pensions. They don't deserve them.
Sherman A1
(38,958 posts)since the lawmakers of the past failed to uphold their responsibilities, one wonders if redress could not be found through the court system?
Just a random thought?
riverbendviewgal
(4,251 posts)Who would be best?