Apr 16, 2023
6:28:34am
6:28:34am
The issue is a combination of over promising and under funding. Illinois is a good example of both problems. The state
promised an 8% return on investment in state retirement accounts for years. That is crazy. But they also haven’t funded the pension fund anywhere near what is required to actually make payments. So now there is a crisis and the only ways out are
1. Drastically reduce benefits (which no politician will do)
2. Drasticallt increase taxes on a shrinking population
3. Bankruptcy - which is uncharted territory
They are screwed.
1. Drastically reduce benefits (which no politician will do)
2. Drasticallt increase taxes on a shrinking population
3. Bankruptcy - which is uncharted territory
They are screwed.
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