With Pension Advice Like This, Chicago and Illinois Are Doomed

By Mark Glennon:

A pension actuary writing in Forbes this week said exactly what we, too, have long said:

I can only repeat again and again: There is no solution to the woefully underfunded pensions in Chicago and in Illinois that does not involve benefit cuts subsequent to a 2020 constitutional amendment or municipal bankruptcy. And the sooner Pritzker and Lightfoot figure that out, the better off we’ll all be.

They haven’t had to figure that out because voters haven’t figured that out. And voters haven’t figured that out thanks, in part, to what they’re reading in op-eds by authors who haven’t figured that out.

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