Researchers also note Illinois’ strong year of pension returns in 2021 – driven by economies reopening, growing vaccine accessibility and declining interest rates – gives no indication that return rates will continue to outperform assumed rates of return in the future. In fact, financial experts forecast lower yields on investments during the next decade, leading many to predict pension plans will underperform assumed rates of return in the coming years.
Well of course returns won’t match the most recent results. The only way to consistently reduce the debt is to increase state contributions. Taxes will need to increase. The state will need to start taxing services, retiree pensions, social security and IRA/401k withdrawals. They will need to offer the voters a choice, either a flat tax increase (maybe 6.95%) for all or a progressive tax to get the “rich” to pay their “fair share”. Maybe a real estate transfer tax for people that sell their homes and don’t purchase another residence in Illinois. This way they can get money one… Read more »
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.
Well of course returns won’t match the most recent results. The only way to consistently reduce the debt is to increase state contributions. Taxes will need to increase. The state will need to start taxing services, retiree pensions, social security and IRA/401k withdrawals. They will need to offer the voters a choice, either a flat tax increase (maybe 6.95%) for all or a progressive tax to get the “rich” to pay their “fair share”. Maybe a real estate transfer tax for people that sell their homes and don’t purchase another residence in Illinois. This way they can get money one… Read more »