Thank you Springfield: “The rate of increase in pension benefits promised to Illinois government employees has vastly exceeded the growth rate of Illinois residents’ incomes over the past three decades”

HEARTLAND INSTITUTE
Illinois Pension Promises Exploded Over Thirty-Year Period
by Joshua Paladino
March 6, 2018

…The report states the pension benefits promised to Illinois state and local government employees increased by 1,061 percent between 1987 and 2016, with pension liabilities growing 127 percent faster than the median income of Illinois households over that time period. The report, published in February by Wirepoints, Inc., a media organization providing state economic and fiscal news, was written by Wirepoints president Ted Dabrowski and policy analyst John Klingner. According to data from Truth in Accounting, a nonpartisan watchdog group promoting fiscal accountability, Illinois’ total promised pension benefits exceed available assets by about $138.4 billion.  READ MORE

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