Fred Klonsky on Ken Davis’ Chicago Newsroom.

*Note: In watching the video I had to laugh because at the end Ken asks if I’m voting for Hillary and I say “absolutely not.” I don’t know what question I heard, but it wasn’t the one Ken asked, because later he was surprised  later when I said I was voting for Hillary to defeat Trump. Such is live television. Mostly we talked pensions, however.

3 Replies to “Fred Klonsky on Ken Davis’ Chicago Newsroom.”

  1. Bravo, Fred!

    Let me add:

    It is regrettable that some people (members of the IPI, for instance) do not care whether teachers and other public employees have contributed responsibly to their pension funds or that teachers will receive [little to] no Social Security when they retire. To say that teachers and other public employees are living too long reveals a rather special brand of envy.

    It is troublesome that some people do not care whether retired teachers’ and other public employees’ defined-benefit pension plans are a fundamental source of economic stimulus to communities in Illinois and the only retirement income for hundreds of thousands of people.

    It is egregious that the State of Illinois has not consistently paid its full constitutional and obligatory contributions to the public pension systems throughout the decades, that this money was diverted to other operating expenses and special interests’ groups, that the State of Illinois saved $billions by not paying what actuaries have calculated the Teachers’ Retirement System should have received throughout those years, that this theft enabled the State of Illinois to provide services for its citizenry without raising taxes during that time, and that this money was deferred-earned income for teachers in Illinois.

    It is verifiable that Illinois legislators do not possess the resolve to take on an inadequate fiscal system that fails to generate enough revenue growth to properly maintain state services and pay state expenditures for health and social services, education, government, transportation, capital outlays, public protection and justice. Be that as it may, Illinois legislators should transform the state’s revenue system and the so-called Pension Ramp.

    In Eric Madiar’s words: “In the end, while contract principles and other permissible options can help mitigate the burden of State and municipal pension obligations, the state must still restructure its revenue system so it can meet, not simply defer its fiscal obligations.”

  2. Fred..well done. I am a retired state police office from Illinois and I follow your blog every day. I have one question…everyone can easily throw numbers out for what the pension deficit is. Why has no one figured out what the balance would be in these accounts if 1.) the State did not skip their payments and 2.) the State did no borrow from them. We have the history of what the markets did…we may not get a down to the the cent figure but we should be able to say that had the payments been made and money not removed, the funds would have X amount of dollars in them or they would be this percentage funded.

    1. We CAN compare the other funds to IMRF, the state municipal retirement fund, which is nearly 90% funded because payments were made.

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