Ever since the Illinois Supreme Court struck down a pension reform bid in May, prompting Moody’s to downgrade the city of Chicago to junk, the state’s financial woes have becoming something of a symbol for the various fiscal crises that plague state and local governments across the country.
The state High Court’s decision was reinforced late last month when a Cook County judge ruled that a plan to change Chicago’s pensions was unconstitutional.
As we’ve discussed at length, these rulings set a de facto precedent for lawmakers across the country and will make it exceedingly difficult for cities and states to address a pension shortfall which totals anywhere between $1.5 trillion and $2.4 trillion depending on who you ask.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
5 comments:
We have been warned by many experts, it is blowing up. Pensions paid by tax payers are history.
slumsbury md takes half of my property taxes .
11:17....did you mean to say that PENSIONERS are history?
Work your whole life, forgo raises and accept reduction in benefits because your CEO promised better retirement benefits if you did that.
Now, its time to honor those promises and you say you can't do it??
I don't have an accounting degree, but it doesn't take much to do what is called "projected expenses". The CEO's and their cronies HAD to know what they were promising was impossible. Promised it anyway.
And there is no civil unrest? No hangings? No chasing the CEO's with torches through their gated neighborhoods?
They could probably set your grandchild on fire in front of you and you wouldn't bat an eye.
Keep cheering, then.
See what I mean, arrogant comments by pension promises, I have some land in southern Florida to sell you 12:45
12:45
Give me a break!
You and your union thugs have been in bed with the dumbocrats for years.
You haven't forgone ANY raises or benifet reductions.
You have been grossely overpaid for years and have bankrupted the state.
Prepare for the unreast my friend, only it won't be what you think.
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