Pritzker Administration sloughs off Illinois pension liabilities passing $500 billion mark, dissembles on pension crisis again, by Mark Glennon

The taxpayers of Illinois are buried under the pensions that have been granted to public employees. From Mark Glennon at wirepoints.org:

There’s a lesson here not only about Illinois pensions but about how easily the press will let Gov. J.B. Pritzker thumb his nose at a crisis.

We reported Wednesday that the total unfunded liability for Illinois state and local pensions passed the $500 billion mark. That includes pensioner healthcare liabilities, which are constitutionally guarantied just like pensions. It is based on numbers from Moody’s Investor Services which uses assumptions comparable to those used in the private sector and are less optimistic than those the state uses. Read Wirepoints Special Report: Illinois pension shortfall surpasses $500 billion, average debt burden now $110,000 per household

Greg Hinz at Crain’s asked Gov. J.B. Pritzker’s office for a response.

“Pritzker’s office is pushing back on the notion that he’s done too little,” wrote Hinz. “Steps such as discounted buyouts of some pensions have ‘begun to bend the curve,’ with the percentage of total spending that goes to pension now flattening, a spokeswoman says in an email.”

Nonsense. Pritzker has done nothing significant whatsoever to fix pensions and it is particularly dishonest to cite pension buyouts as an example of progress.

Pritzker has long been boasting about pension buyouts but forever refuses to provide any support or analysis showing that buyouts would have any meaningful effect. We and others have written about it repeatedly.

  • In 2019 he told The Economic Club of Chicago that some study says buyouts will save “billions and billions,” perhaps $25 billion. But he has never produced that study or anything else to support the claim, and the state’s bond documents said something very different in the debt offering made just prior to that claim. Those documents said just 818 workers and retirees who are eligible for either of the state’s buyout programs had applied for one. That’s less than 2.3%, not 20% as Pritzker told the Economic Club. The documents further said, “The State is unable to quantify the amount or timing of any [reduction in pension liabilities] at this time.” In other words, Pritzker brags about savings to the public but the state says something different when the penalty would be securities fraud.

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2 responses to “Pritzker Administration sloughs off Illinois pension liabilities passing $500 billion mark, dissembles on pension crisis again, by Mark Glennon

  1. dvdwilliams51@tds.net

    “El pueblo armado jamas sera aplastado!”

    NULLUM GRATUITUM PRANDIUM!

    PRONOUNS: Your Eminence/His Eminence

    On Mon, Nov 22, 2021 at 10:07 PM STRAIGHT LINE LOGIC wrote:

    > Robert Gore posted: “The taxpayers of Illinois are buried under the > pensions that have been granted to public employees. From Mark Glennon at > wirepoints.org: There’s a lesson here not only about Illinois pensions > but about how easily the press will let Gov. J.B. Pritzker thu” >

    Like

  2. Protzker is a kazharian crook who tries to get illegal invaders to use American citizens’tax$s for medicaid,foodcard,Liheap,and Free rent while citizens have been leaving supercorrupt and superbankrupt woketard IL. I have live most of my life here,unfortunately and it has only gotten worse.Illinoisleaks.org commenters were saying months ago that the Diktatr was seen in Lake Geneva wolfing down cheesecurds while everyone was supposed to be mostly at home and not travelling.Others noted his also illegal or against health mandates,trip to FLA horsefarm last year. He recently made some sort of cozy relationship with u.k. and gave Lion electric car or utility a deal.Hes trying to be topdog in electric car fiasco.Wheres the power coming drom,coal or nuclear,maybe finally we get zero point energy out in the open-dr.hudywoids.com or truth11.com,and richardlighthouse.com can clue you in to this. Someone PLEASE KEEP DIGGING DEEPER AND SHINING THAT SPOTLIGHT,especially since state just tried torevoke part of the state Constitution and basic human rights to body sovereignty by trying to force humans to get deathjabbed.Repeated,detailed data requests to IL. And Chicago Health Depts=0!!!!!They never proved a properly isolated virus caled covd exists and never proved ANY OF THEIR B.S. Health information.This is all treasonous fraud and theft as well ad CONSTITUTIONAL CONSPIRACY AS DEFINED IN ARTICLE18:Code242!!!!!!!!!!!Unfortunately,we are a bankrupt xorp.,not a Constitutional sovereign nation.Research this,it’s true.Pensions will not be paid unless big change to $ system and many deaths occur prematurely,which seems to be the endgame.

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