* From a Tribune editorial on House Speaker Michael Madigan and, of course, pensions…
You can click the pic for a larger image. If you still can’t see the funding ratio for the early seventies, here you go…
So, in 1971, right as Madigan took office, the pension systems were being blatantly ignored.
Now, that’s not to say that other aspects of the state budget were worse then than they are now. It’s just that the Tribune has always acted as if this pension funding problem is somehow new. It’s not. As I’ve told you before, this problem goes back more than half a century.
* The Tribune really needs to bone up on its Illinois history, at least regarding pensions. Here’s a chart showing the pension systems based on percent they were funded from 1968 through 2011…The Capitol he entered in 1971, like the state it governed, was muscular and robust. […]Madigan’s reaction is to lament, as would a victim, the crises he helped cause — and has the influence to solve. At the federal level, the senatorial Gang of Eight works to avoid a fiscal cliff, and presidential candidates clash over debt. In Illinois, Madigan and his fellow leaders haven’t had significant talks about their pension debacle in months.
You can click the pic for a larger image. If you still can’t see the funding ratio for the early seventies, here you go…
So, in 1971, right as Madigan took office, the pension systems were being blatantly ignored.
Now, that’s not to say that other aspects of the state budget were worse then than they are now. It’s just that the Tribune has always acted as if this pension funding problem is somehow new. It’s not. As I’ve told you before, this problem goes back more than half a century.
No comments:
Post a Comment