How long are we going to keep borrowing money and re-amortizing our pension debt repayment schedule?
Forbes post, “More On Illinois’ Pensions: Yup, We’re Kicking The Can”
How long are we going to keep borrowing money and re-amortizing our pension debt repayment schedule?
If this is the best they can come up with we are in deep ****. Sell State assets, soak the rich and skip the pension payments again. Nothing new here. It is time for the mother of all pension battles. The people of Illinois need this problem fixed. They have decided that it is easier to leave. The great Illinois exodus is just begining. Florida is a nice warm place in the winter and it does not have an income tax. Who in State Government does not realize this?
The truth is government in Illinois has spiraled out of control to the point that it now threatens our entire economy.
Before we bankrupt the State should’nt we cut the cost of government across the board in an effort to save ourselves.
The constitution prohibits the impairment or diminishment of pensions.
It does not say anything about freezing the wages and benefits of current employees. Existing public employees may be forced to accept lower pay and reduced benefits in exchange for overly generous retirement benefits. Freezing high government salaries across the board, including teachers, fireman, police, state, county and municiple government employees, would dramatically reduce future pension obligations. It would free up part of the funds required to solve the pension deficit problem. The balance will have to come from taxpayers and economic growth. This is the eight hundred pound gorilla looking for a fight.