Governor Prtizker released details of his plan to save Illinois. He made three of three of the worst possible choices.
The Chicago Tribuner reports Gov. J.B. Pritzker's administration considering selling state buildings and land to pay for pensions.
Bear in mind, assets like tollways are supposed to fund road maintenance, not pensions.
That's just the beginning of the Illinois madness.
Trifecta of Madness
Wirepoints funder Mark Glennon comments on the Illinois Trifecta: Prtizker Administration’s Pension Plan for Illinois Will Center on Three Strokes of Folly.
What follows is a guest post by Mark Glennon.
Deputy Governor Dan Hynes today released the first details of the Pritzker Administration’s plan for addressing Illinois’ pension crisis.
The administration will pursue three of the worst ideas available:
First, the state will borrow to pay off pension debt by offering a $2 billion pension obligation bond. We and many others have already written very extensively on why pension obligation bonds are irresponsible. Some of those articles are linked below. One credit card to another solves nothing and adds risk.
Second, the state will kick the can on its ramp for taxpayer pension contributions out seven years. The new goal for reaching 90% funding (which is still inadequate) will be 2052. Your grandchildren will fully understand why pensions are called “intergenerational theft.