Posted on 09/21/2023 3:29:55 PM PDT by ChicagoConservative27
(The Center Square) – Every man, woman and child in Illinois is on the hook for $37,000 for the state’s unfunded public pension liabilities, according to a new report.
The seventh annual American Legislative Exchange Council's "Unaccountable and Unaffordable" report on public pension liabilities pegs the amount of debt across the nation at nearly $7 trillion.
Illinois comes in second to last.
(Excerpt) Read more at thecentersquare.com ...
Don’t worry, Biden will bail IL out.
There should be no such thing as a “government pension.”
The debt associated is priced as junk-
think it is at 6.5% now-
next financing it will be 12%.
However, if you move to another state, you’re completely off the hook - nothing they can do.
PENSION AND RETIREMENT RIGHTS 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.
Illinois Constitution
Robbing Paul to pay Peter
<>Illinois spends $1 out of every $5 it collects in taxes for pensions. <>
No problem. Follow the Detroit model when revenue declines; raise taxes.
Yep. Good old Section 21 of the Illinois Constitution. It’s a suicide pact.
L
Appeal to the courts, BUT they have same pensions.
Odd: I thought for sure that the xiden puppet masters were going to print enough money to wipe that debt off their balance sheets.
Once the boomers die off, the pensions are much smaller. New rules have changed the pension in every sector that gives them out.
Theft by democrat party run government.
Wasn’t it Teddy Roosevelt that gave that speech about public employee unions?
The non-civil servants of Illinois should file a class-action lawsuit against having to pay that money. Basis being, they were never invited to the bargaining table nor did they approve of such benefit. Benefits that no private sector employee gets.
FDR certainly said he was against government unions, not sure about TR.
Calif pensions will have the taxpayer bail them out. It is in the law out there. They are reaching a point where there will be to many $100k retirees that the democrats will then divert tax money to keep them in luxury.
It’s not just the Democrats.
For years, the public sector has been crying that they need to get paid like the private sector to attract the best and the brightest.
What folks seem to ignore or forget is that the ‘best and the brightest’ in the private sector don’t get: weeks and weeks of vacation, comp time, over time, unlimited or accrued sick time that can build and build and build, court overtime, lifetime health benefits for you and your spouse....and the doozy - being able to go out on disability for 75% of your salary, tax free for the rest of your life
But the city, county, state governments went along with it. Even more when they started noticing real problems with recruiting as late as 2015ish. So, they went along with it.
I don’t know many private sector folks that can make over $100k a year, while having 4-6 weeks of vacation a year and then being able to toss in a little comp time for some added, paid days off.
I know someone that just went on disability from a very well paid PD in NY. Was making over $200k a year. $150k a year, tax free the rest of his life with health benefits.
I know one of them gave a speech about it. Maybe it was FDR.
Exactly—anyone living in IL needs to escape before it is banned—another East Germany.
T*R AND FE*THERS
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