Tuesday, December 03, 2013

Prediction: ILL-inois will be facing another pension funding crisis in 20 years

With a pittance of debate and with little time to read the bill--did anyone?--the Illinois General Assembly passed pension reform legislation. 

And nearly 600 days after my state's hapless governor, Pat Quinn, declared he was "put on earth" to fix Illinois' worst-in-the-nation public pension, the Chicago Democrat says he will sign it.

Mark my words: Although I didn't read the bill and I know as much about actuarial science as I do about wildebeest mating calls, I predict that twenty years from now, the General Assembly will be facing another pension funding crisis.

I know human nature and I know Illinois politics.

Check back with me in 2033.

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