In response to:

Boogeymen and Fake Reforms in Obama's Illinois

M1946W Wrote: Dec 23, 2012 10:27 AM
I was surprised Washington state was at an aa1 rating as Democrat pols here have been grossly over-estimating roi on pension funds for years. I expect now that Washington citizens have replaced retiring Governor Greed (Gregoire) with Governor Green (Inslee) we'll soon be slipping a notch...or two as incompetence and cronyism takes a bite.

Earlier today I received an email from Jonathan Ingram at the Illinois Policy Institute that I wish to share. The email is regarding the sorry state of Illinois Pensions.

Dear Mish

Illinois has a long history of fake reforms – legislative proposals that promise to solve the great policy challenges of the day when passed, but never actually accomplish these goals and often make problems worse.

In the mid-1990s, Illinois lawmakers were facing a serious problem: the unfunded liability...