Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Sherman A1

(38,958 posts)
Wed Apr 3, 2013, 11:22 AM Apr 2013

llinois, deep in pension hole, trying to dig out

Springfield, Ill. – It’s hard to imagine how the proud and prosperous prairie state of Illinois could have turned itself into one of the nation’s financial basket cases, but there’s no getting around it.

And it’s 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. That’s 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/

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
llinois, deep in pension hole, trying to dig out (Original Post) Sherman A1 Apr 2013 OP
I feel so bad for Pat Quinn Drale Apr 2013 #1
Agreed Sherman A1 Apr 2013 #4
the money put in should not have been touched riverbendviewgal Apr 2013 #2
I think you are on to something Sherman A1 Apr 2013 #3
someone in the state should try it. riverbendviewgal Apr 2013 #5

Drale

(7,932 posts)
1. I feel so bad for Pat Quinn
Wed Apr 3, 2013, 11:26 AM
Apr 2013

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.

riverbendviewgal

(4,251 posts)
2. the money put in should not have been touched
Wed Apr 3, 2013, 11:31 AM
Apr 2013

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)
3. I think you are on to something
Wed Apr 3, 2013, 11:43 AM
Apr 2013

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?

Latest Discussions»Issue Forums»Omaha Steve's Labor Group»llinois, deep in pension ...