Illinois has a massive pension problem. A new report maintains that the biggest contributor to the shortage isn’t that state taxpayers have underpaid public retirements, but politicians over-promised.
In the last three decades, the five state-offered public pension systems’ benefits have increased by 1,000 percent. That’s eight times more than the income growth of the Illinoisans who are expected to pay for it. The report was released Tuesday by financial watchdog Wirepoints.
President Ted Dabrowski said politicians are wrongly placing the blame on taxpayers for not paying enough.
“Every time you hear the word ‘underfunding,’ there's always the implication that taxpayers didn’t do their part and that’s the problem,” Dabrowski said.