Skip to comments.Public Unions Bankrupt Illinois
Posted on 04/24/2012 8:29:07 AM PDT by Kaslin
Governor Pat Quinn rammed through the largest tax hikes in Illinois history last year. On January 13, 2011, Governor Pat Quinn signed off on a 67% hike in personal income taxes and a 46% hike in corporate taxes.
The result is not what the governor thought. Businesses have fled, more have threatened to leave and Quinn responded with sweeteners. Moreover, Illinois pension plans are still the worst funded in the nation, and the state is still struggling to pay bills.
Bloomberg reports Illinois Treads Water as Unpaid Bills Top $9 Billion
(Excerpt) Read more at finance.townhall.com ...
I think all Illinois tax payers who voted for 0bama should pay a 78% tax rate to show their support for wealth redistribution and union support .
But paying taxes is patriotic, right?
The public unions in this pitiful state still find time to go protest Scott Walker in Wisconsin and Mitch Daniels in Indiana. They are truly sickening.
Public Radio is doing their fundraising thing right now. I was listening to Prairie Home Show (the one thing I like on NPR) and I’ll be damned if one of the jabbering heads trying to talk folks into sending in money actually used the “paying your fair share” comments into a spiel.
I just changed the channel. Gah.
Couldn’t happen to a better bunch of folks. I hope that Chicago becomes a ghost town. I feel sorry for the folks downstate however.
Sky high taxes don’t work? Gee, Pat, who’d a thunk it?
It’s the new shiznit, get your union perks illinois and go away on vacation in Florida to spend the money there.
It has been a win win for the state of Illinois ever since Chicagobama has been controlling the entire state.
If I were surrounding counties, I would declare to secede from every freaking big city like this and invite real business over the city limit.
I feel sorry for the folks downstate however.
Thank you for your sympathy. If not for my family owning farmland in downstate Illinois I would have fled to Indiana years ago.
Public Unions another gift from the democrats,JFK.
Insanity. Pure unadulterated insanity on the part of the liberals. They really cannot learn. God save us all.
Why would anyone want to lose their pension for a 401(k)? Under a defined benefit plan or a pension, the investing is done for you and you are guaranteed your retirement benefit. That benefit is calculated by your salary and time served. Your pension is guaranteed for the rest of your life. A defined benefit is best for those who are unfamiliar with investing or playing the stock market, and want a guaranteed retirement. The 401(k) plan, or defined contribution, is only worth the money it gains or loses. Because defined contributions rely on the market, you could double your investments, or you could lose it all only a few years before you retire. Your benefits are defined by how well your investments did, and will end when the money is spent. Defined contribution plans are best for those who are wise investors and like to roll the dice by playing the market.
looks like they got their talking points...
They left off the part where the company goes bankrupt and the Federal Pension Benefit Guarantee Corp pays the retirees ten cents on the dollar of the guaranteed amount, if that, and charges them a realistic (i.e., stratospheric) health insurance premium.
When the union promised the workers pie in the sky by and by, the workers should have noticed that the union officials were having their pie right now.
Illinois teachers make 75% of there salary when they retire. Within 5 years they are making 100%. I know a Illinois teacher who retired at 55 with a salary of $103,000. Within 5 years she will be getting over $100,000 a year pension. This is the norm.
You're talking about COLAs (cost of living adjustments). They should only be given out with limits, say at a 1 to 2 percent increase and spread a few years apart or greater, after a study of economic conditions and inflationary trending. To jump from 75 percent salary to 100 percent salary in 5 years is insane. That's like 5 percent COLAs consecutive every year. Are the leaders in control that insane to agree to such nonsense?
The Cook County Machine turning out bigger pensions than pay for its former foot soldiers. AHH! The county Democrats at their best !
It gets better...
“How Daley beefed up his pension payouts”
“The same legislation, rushed through the General Assembly on the last day of the session, also gave private labor leaders public pensions based on their much higher union salaries. Under Daley’s watch, former Chicago Federation of Labor President Dennis Gannon was given a one-day city job that allowed him to collect a public pension based on his $200,000 private union salary.”