Johnson’s decision to pull back on the city’s planned extra payments to its pension funds also drew some rebukes from organized labor and watchdogs. The city had originally planned to put a combined $260 million extra into the city’s four funds, but instead proposed $120 million. Skipping it now is especially troubling, the Civic Committee’s Mary Wagoner said, because of the new burden of a recent bill granting more benefits to certain police and firefighter retirees. “which adds about $11 billion to the funds’ liabilities.”
His plan: rob Peter to pay Paul. Did anyone tell him it never works. How about cutting wasteful spending and political hires?
ProzacPlease
7 months ago
Turns out it’s a lot harder to “first, get the money” than they thought.
Leaving Soon, just not soon enough
7 months ago
Pension costs are so high and so unbalanced they will likely never get paid. All the money the taxpayers have is not enough to pay for the huge generous pensions paid at young ages with 3% annual increases for 30 plus years. Greed is good.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
His plan: rob Peter to pay Paul. Did anyone tell him it never works. How about cutting wasteful spending and political hires?
Turns out it’s a lot harder to “first, get the money” than they thought.
Pension costs are so high and so unbalanced they will likely never get paid. All the money the taxpayers have is not enough to pay for the huge generous pensions paid at young ages with 3% annual increases for 30 plus years. Greed is good.