No surprise that Illinois’ Tier 2 pension law being challenged in court given how it was passed – Wirepoints Quickpoint
The law was bulldozed through in 2010 by House Speaker Michael Madigan and Senate President John Cullerton in less than 12 hours with no analysis, debate or actuarial assessment
As an Illinois public pensioner I am acutely aware that my pension may be cut at some point, constitutional guarantees notwithstanding. However, those of you expecting to receive Social Security, Medicare or a Federal pension should not exactly feel smug either. According to Moody’s, the unfunded liabilities of these 3 Federal programs combined was just over $20 Trillion last year, vs. a combined total of $3.5 Trillion for all state and local government pensions (https://www.moodys.com/research/Moodys-US-government-pension-shortfall-overshadowed-by-Social-Security-Medicare–PR_346878). Now I get that the feds can – in theory – print money, but I’m not sure how that would work in practice with an… Read more »
The global economy is headed for complete collapse sooner than later. All this arguing over pensions of Social Security doesn’t really matter in the end. The human race is overpopulated and doomed, and our time is about out. When the global economy collapses in less than thirty years, much of humanity will not make it.