5 solutions to state's pension crisis offered by Illinois Policy Institute

CAT Tracks Editor's Note:

Ya know, I'm going to be selfish here and say that I don't care what they "offer" to new hires or current employees as long as they keep their promise to folks who have retired and live on/by the promises made in the past. And, hey, an "offer" implies choice.

Retirees don't have a choice anymore, not since we turned in that irrevocable letter! They don't have to let us come back!

Find a new job? Do you know anybody out there that is wanting to hire a 70-year-old former Social Studies teacher...

...or any other 70-,80-,90-year olds? That's who most of us retirees are! Plus, the way we used to talk about job alternatives "back in the day", I think all the Walmart greeter jobs are taken!!!

Anyway...

I would simply say to the new hires and current employees: BEWARE!

Despite the spin by the institute's Ted Dabrowski:

"Well, gosh, it's fascinating to hear people say that," Dabrowski replied. "What we've seen since the Great Recession is, we've seen the markets come back so strongly, they're up over 100-percent, 200-percent. In that same period of time, Illinois' pension funds have gotten worse."

Liar, liar, pants on fire!

I remember back when George W. Bush wanted to switch Social Security over to 401(k)s and what a disaster that would have been for the vast majority of retirees according to the people who know about these things.

Bears repeating!!!

If the legislators come bearing 401(k)s...

BEWARE!!!

Speaking of the legislators...

Do away with their pensions?

Two thoughts:

• Since they have to pass the legislation, whatever they do to themselves is fine by me. If the plan violates anyone's constitutional guarantees, the Supreme Court will straighten it out.

• Since the legislators created the whole pension mess over the past few decades, if anyone should suffer the consequences, it should be them!

Final comment/warning:

The article conveniently fails to mention one "small" item, probably intentionally so...

...if new hires and current employees are switched out of the current pension system to a 401(k) system, their retirement contributions go with them, stopping the flow of new revenue to the already underfunded system.

In short, this is just another way by Rauner and his kind of screwing the workers. Business people just really, really hate unions and will use any trick in the book to squeeze blood out of a turnip.

Did I mention...