Ted Dabrowski, president of Wirepoints. | Courtesy Photo
Ted Dabrowski, president of Wirepoints. | Courtesy Photo
Former Vice President of Policy for the Illinois Policy Institute Ted Dabrowski posted some messages and graphs on Twitter revealing the growing pension debt in the state of Illinois.
He said, “Pension debt at Illinois’ 5 state-run funds now amounts to 37% of GDP. Highest in nation. Add in local #pension debts, retiree health shortfalls and POBs and the pensioner-debt-to-GDP ratio jumps to 56%. Pension costs are swamping the economy and IL incomes. #twill #muniland”
Dabrowski also wrote a report, along with John Klingner, and published it on Wirepoints. The much more detailed report showed that Moody’s was able to predict a surge in debt for the state of Illinois caused by the coronavirus outbreak. Their prediction was that Illinois state pension debt could rise to more than $300 billion.
Dabrowski criticized Speaker of the Illinois House of Representatives Emanuel Chris Welch for proposing a progressive income tax to pay for the pensions saying that it will only lead the state to more debt. He added that tax hikes will only make things worse for Illinois.
Alerts Sign-up