Posted on 10/01/2012 9:08:25 PM PDT by chessplayer
Illinois is one of the public union states that will one day need a federal bailout because of their pension shortfalls. Governor Quinn has now made that official by pointing out in his budget proposal that, “significant long-term improvements” in that debt will come from “seeking a federal guarantee of the debt.”
Excerpt:
Now that Chicago’s children have returned to not learning in school, we can all move on to the next crisis in Illinois public finance: unfunded public pensions. Readers who live in the other 49 states will be pleased to learn that Governor Pat Quinn’s 2012 budget proposal already floated the idea of a federal guarantee of its pension debt. Think Germany and eurobonds for Greece, Italy and Spain.
Sooner or later, we knew it would come to this since the Democrats who are running Illinois into the ground can’t bring themselves to oppose union demands. Illinois now has some $8 billion in current debts outstanding and taxpayers are on the hook for more than $200 billion in unfunded retirement costs for government workers. By some estimates, the system could be the first in the nation to go broke, as early as 2018.
Wonder how the governors of other states that have taken fiscal responsibility for their spending or “right to work” states will enjoy subsidizing undisciplined public union states like Illinois and California?
This measure would place the pension liabilities of any given state squarely on the back of the same Federal government that is making health care decisions for these retirees. It's obvious where this is all going, especially in light of the Medicare cuts and "death panels" in Obamacare. The whole purpose of this is to give Federal taxpayers a financial interest in euthanizing American retirees.
I take it that this means US citizens in other states will be footing the bill through the fed for Illinois pension debt?
Yup.
States need to be ready to confiscate federal receipts and federal property in their states, including tanks, chopper gunships, jet fighters, rifles, ammo and ICBMs.
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