What do you think – is it time to stop tinkering around the edges on Social Security reform?
Is your politician telling you that he’ll “refinance” your city or state’s pension debt? Time for skepticism.
Here’s where I invite you to share your comments on:
“What’s Worse Funded Than Teamsters’ Central States? Chicago’s Pensions” and the path from 94% to 27% funding for the municipal employees’ plan.
“The Problem With Chicago’s Pensions Is That There Is No Low-Hanging Fruit” (with a self-explanatory title).
“Chicago Pensions: Is There Hope For Reform?” – because we need to be honest about benefit cuts.
“Is Chicago The Next Detroit?” – the differences between the two cities matter.
“Actuary-splaining Chicago’s Pension Liability: A Deeper Dive” – in which I try to explain the crash in funded status for non-experts.
“No, Pension Obligation Bonds Aren’t A Form Of ‘Refinancing’” – don’t be fooled by the politicians!
https://commons.wikimedia.org/wiki/File:20090524_Buildings_along_Chicago_River_line_the_south_border_of_the_Near_North_Side_and_Streeterville_and_the_north_border_of_Chicago_Loop,_Lakeshore_East_and_Illinois_Center.jpg; flickr user mindfrieze [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)%5D, via Wikimedia Commons
The best outcome is ensuring that the unhappiness is at least equitably managed.
Because, believe it or not, in the early 2000s, this now nearly-insolvent plan was fully funded.