Pension Vocabulary by John Dillon: Fiscal Cliffs and Pensions in Illinois

3 Dec

Fiscal Cliff (idiom): A metaphorical euphemism to describe the pre-arranged and self-inflicted punishment that the United States of America will have to undergo at the end of the current year when the requirements of the 2012 Budget Control Act take effect; that is, if there is no compromise. Chances are currently unlikely.

The nation’s lurid phantasmagoria coined the “fiscal cliff” has had little or no connection in the press to the egregious effects it will have on the economies of our many states. Sadly, states like Illinois, which already hold an indisputably uncomfortable fiscal position may be exponentially affected by the federal government’s inability to find resolution on the national level. In essence, what is a currently contrived pension “crisis” in Illinois could become the necessary scapegoat for a deadbeat state treading water to one facing another national fiscal tsunami. Given the ethos of our current General Assembly, this may be an unfortunately forgone conclusion. More…

via Pension Vocabulary by John Dillon: Fiscal Cliffs and Pensions in Illinois.

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