Someone just forgot the basic formula of supply and demand. But there are three ways to handle it:
1. Tell the taxpayers they will get an allowance from the fund and the rest will be invested for them.
2. Send out IOU’s like California did a few years ago and then didn’t honor them.
3. Do the standard thing libs do, print more money and pass it out.
It’s in the playbook. Course the cost of everything will skyrocket but the government will have covered their debt. After all, they get theirs first anyway as they pay it. They’ll be asking for a raise soon due to the inflation they created. And since taxes will increase, the money will be there for them as it is a priority fund and not a retirement fund. And if their raise isn’t there, they’ll just print more money. Perpetual motion.
Problem solved......for them. That’s the way they look at it. Job well done because they didn’t get tossed out. And the fault is on both sides of the aisle.
rwood
Unfortunately that’s not in the state constitution. The existing system is:
“From the Illinois Constitution: “Membership in any pension or retirement system of the state, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired.”