Like Chief Inspector Dreyfus?
Posted on 09/30/2012 9:07:30 PM PDT by NoLibZone
Illinois Democratic Gov. Pat Quinn is getting hit with a nationwide backlash over his suggestion that the federal government bail out the state employees’ pension program.
Critics have in the past several days pounced on the suggestion, made last year when Quinn, in announcing the state’s fiscal 2012 budget, said part of Illinois' long-term effort to reduce the estimate $167 billion in under-funded liabilities would be to seek “a federal guarantee of the debt.”
Among those leading the charge is Republican Sen. Jim DeMint. The South Carolina senator has joined the Illinois Policy Institute’s national “No Pension Bailout” campaign -- an effort to stop Congress from attempting to rescue failing state and municipal pension plans.
“Our greatest concern is states will assume they can run their pension systems into bankruptcy and then turn to the federal government for bailout,” DeMint said Thursday.
Read more: http://www.foxnews.com/politics/2012/09/30/demint-joins-national-effort-to-keep-feds-from-bailing-out-state-pension/#ixzz2816FiaVE
(Excerpt) Read more at foxnews.com ...
Everyone mocked me when I said The DNC in Calif knows full well the FED will bail California out.
The DNC knows if a party wants the electoral votes, the fed must take on whatever debt the DNC decodes to incur in Calif.
They better efing not! Just reading that gives me an eye tic.
Does this mean that Illinois won the race with California to be the first state to come begging to the fed for a bail out.
There already exists a federal safety net for pensions. It’s Social Security.
Lessee....the FEDS will bail out banks and bankers bonuses BUT not taxpayers pensions!?
That’ll go over like a lead balloon!!!!!
That's it. DON'T MAKE THE FINANCIALLY RESPONSIBLE FOLKS SUFFER BECAUSE OF THE STUPIDITY OF THE IRRESPONSIBLE!
Poppycock. California will go Democrat no matter what.
Maybe the unions should quit giving their pension money to left-wing candidates who ruin the economy.
Maybe since libs don’t discriminate they would go along with the idea of letting anyone join their unions and get on the gravy train even if they never worked and held a card. After all, why should they be shut out?
This is why the Dems are so desperate.
The chances of Romney winning IL and CA range somewhere between none and zero; both of these states are going down in the next four years. Together, they might represent 16% of the US population, but I’d guess that the other 84% of America would be pretty damn mad about a “bailout”.
From Social Security website:
How State And Local Government Employees Are Covered By Social Security And Medicare
SSA Publication No. 05-10051, April 2012
Do you work for an agency of a state or local government? Unlike workers in the private sector, not all state and local employees are covered by Social Security. Some are covered only by their public retirement pension program; some are covered by both public pensions and Social Security; and some are covered by Social Security only.
When it began, the Social Security program did not include any of these employees. Over the years, the law has changed. Most employees have Social Security protection because their states and the Social Security Administration entered into special agreements called “Section 218 agreements.” Others are covered by a federal law passed in July 1991 when Social Security was extended to state and local employees who were not covered by an agreement and were not members of their agency’s public pension system.
Except for workers specifically excluded by law, employees hired after March 31, 1986, also have Medicare protection. States also may obtain Medicare coverage for workers not covered for Social Security who have been continuously employed by the same state or local governmental employer since before April 1, 1986.
http://www.ssa.gov/pubs/10051.html
They can't. But they do. They are called double dippers. :-(
Oh yeah, I am really looking forward to bailing out the lavish pension and health plans for a bunch of marginally literate Chicago teachers making $80,000 plus per year to work less than 9 months a year.
These same teachers have a job performance so low that 40% of the students drop out of school altogether and 80% the 60% that don’t drop out and stay in school to graduate cannot read or do basic math and are functionally illiterate.
Uhh.. Fortunately, that's all irrelevant to the GOP since California is strictly scumbag Democrat territory. Bravo to DeMint for this preemptive strike. Taxpayers who live in responsible, frugal states need to know that there's a target on their backs, and that the rats are coming to steal them blind.
Like Chief Inspector Dreyfus?
Bernanke’s next buy.
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