November 28, 2013, By: Mark Glennon
Yesterday, Illinois Governor Patrick Quinn issued a statement about the recent pension agreement among legislative leaders in which he said:
When I proposed the creation of a conference committee in June, I asked members to draft a plan that eliminated the unfunded pension debt and fully stabilized the systems, and this plan meets that standard. (Emphasis added.)
In fact, no more than about 20% of the unfunded pension debt would be eliminated under the agreement, which even its supporters have said. If you doubt that, wait for the numbers to come out, hopefully tomorrow. The pension systems will not be stabilized.
And since most of of the savings are “backloaded” to years 25 -30, which legislative leaders also admit, the deal represents little more than a claim that future lawmakers will do something later to reduce the pension shortfall.
Illinois, our governor is a liar.