Public pensions are a feature not a glitch.

Once again the Civic Committee of the Commercial Club of Chicago is wringing their hands over the cost of public pensions.

Of course, we have been warning about the underfunding of earned pensions for years.

And when Governor Pritzker offered up a Constitutional Amendment which would fairly tax the rich to help pay the pension liability, the very same Civic Committee opposed it.

So now these corporates types have come up with a report, echoed by the SunTimes, that calls for a list of so-called funding reforms. Some of unconstitutional. Others put an unfair tax burden on those who can afford it the least.

Like an additional 10-year flat surtax on Illinois income. And increases in sales taxes, a tax a retrograde as they come.

Underlying the propaganda of the Civic Committee is the premise that public pensions themselves, not just the debt, is a drag on the economy.

Just the opposite is true.

Public pensions are a boost to the city, state and national economy.

A map with downloadable state fact sheets regarding the economic impact of state and local pension plans is available here.

Read this report from the National Institute on Retirement Security.

"The impact of pensions goes so much deeper than providing financial security to retirees, which we saw in real-time during the global pandemic. In 2020, the U.S. and global economies suffered unprecedented, abrupt, and deeply devastating impacts with the COVID-19 outbreak," said Dan Doonan, NIRS executive director and report co-author.

"During this time, pension income was crucial for millions of Americans. Retirees with pensions knew that their retirement income was stable and secure, despite severe economic instability. Pensioners could continue spending at normal rates, which supported millions of jobs across the nation during a time of massive layoffs. In contrast, many retirees relying on individual savings in 401(k) accounts during the height of the pandemic were fearful to spend their savings, which is detrimental to the economy."