Illinois cities are getting crushed by pension costs. Just look at Peoria, Illinois. By Ted Dabrowski and John Klingner

Illinois is just a preview of coming attractions for most of the rest of the United States. From Ted Dabrowski and John Klingner at wirepoints.org:

Illinois politicians’ refusal to address skyrocketing municipal pension costs is destroying cities across the state. Some cities like Harvey and East St. Louisare beyond repair, with the Illinois Comptroller already stepping in to confiscate city revenues on behalf of the municipalities’ grossly underfunded pension plans. Most other cities are deteriorating quickly. They’re fighting ever-increasing pension costs that are swallowing city budgets and chasing residents away. More than half of Illinois’ 650 public safety plans are less than 60 percent funded.

Peoria is one of those struggling cities. No, it’s not a Harvey or an East St. Louis, but it’s certainly in a downward spiral like many other cities. Peoria officials are adding new taxes and fees to deal with the city’s struggling budget. A new utility tax was added in 2018, along with a public safety pension fee that’s being ratcheted up over the next couple of years. Their efforts to tax more are likely to be futile. The numbers justify those doubts.

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2 responses to “Illinois cities are getting crushed by pension costs. Just look at Peoria, Illinois. By Ted Dabrowski and John Klingner

  1. The Federal, State, City and County governments are actually swimming in money. They along with every agency must file a Comprehensive Annual Financial Report (CAFR). They are their audits. They show everyplace where monies are invested. There is so much money invested that there is no legitimate need for taxation.

    Like

  2. “… there is no legitimate need for taxation.”
    I second that. ©2019

    Like

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