News

Study: Pension Reform Flawed

Study: Pension Reform Flawed

Photo: Newsradio WTAX

 

The pension overhaul which passed the legislature last month doesn’t do everything. A new study from the U of I’s Institute of Government and Public Affairs says the state still stands to have a multi (b) billion dollar deficit even after it’s caught up on the pension obligations.

The study’s author, economist Dick Dye, says, “The structural deficit – the mismatch between sustainable revenues and spending patterns – is not, in the next ten years at least, fixed. It shaves about $1 billion off the deficit, but a deficit that’s growing from about $4 billion a year to fourteen in ten years.”

Of course, stabilizing the pension problem was the goal, though Dye says the public, and even some lawmakers, may not fully understand that’s all the new law does.

Recent Headlines

1 hour ago in Entertainment

Hugh Jackman had skin cancer – again

Fresh
hughjackman

The "X-Men" star is recovering after his fifth skin cancer surgery in two years.

6 hours ago in Viral Videos

Elton John carpool karaoke

19-overlay

James Corden asks Elton John to help him navigate Los Angeles on a rainy day.

8 hours ago in Music

After dominating Super Bowl halftime, Beyoncé announces world tour

25-overlay-3

The 40-date concert series will mark her first solo headlining tour since her 2013 Mrs. Carter shows.

8 hours ago in Music

No surprise, Adele named world’s top selling artist of 2015

adele

The British superstar saw off competition from fellow singers Ed Sheeran and Taylor Swift to be honored as the global artist of the year.

9 hours ago in Music

Justin Bieber posts cryptic Instagram message, fueling fan fears

justinbieber

For a while the 21-year-old was better known for his pop brat ways than new music, but Justin seemingly turned his attitude around with the release of his smash hit record "Purpose" at the end of 2015