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Chicago officials mounted a strong attack Wednesday against legislation that would require the city to dramatically increase the amount of money it puts toward the retirement of its police and firefighters.
They argued that the new bill unfairly puts the burden of shoring up the two city funds solely on taxpayers and could lead to the largest property tax increase in the city's history.
Chicago officials mounted a strong attack Wednesday against legislation that would require the city to dramatically increase the amount of money it puts toward the retirement of its police and firefighters.
They argued that the new bill unfairly puts the burden of shoring up the two city funds solely on taxpayers and could lead to the largest property tax increase in the city's history.
When will our elected officials realize that these pensions are killing our state? Seriously, we need to renegotiate these contracts and privatize the pensions. We already have one of the highest sales tax rates in the country, our property taxes are astronomical, and now this? WTF.
When will our elected officials realize that these pensions are killing our state? Seriously, we need to renegotiate these contracts and privatize the pensions. We already have one of the highest sales tax rates in the country, our property taxes are astronomical, and now this? WTF.
The pensions would have been fully funded if not for Daley and his cronies siphoning every time they put forward a pet project. They have borrowed from the pension fund to the point where it is really low.
Pension plans don't work. Period. There's a reason why no private sector companies offer them anymore. When you put them up against the queuing theory, they fail miserably.
The reality here is that there are a lot of states (mine included) where the government worker pension plans ALONE are accounting for over half of a state's budget. Illinois is also one of those states. The concept of a guaranteed salary for life for those not in the workforce does not work. It requires an ever-exploding base to fund the plan, especially when one considers that the average life expectancy goes up dramatically as time progresses.
If governments would simply do away with these pensions, it would fix the budget crises of most of these states in one fell swoop.
Again you fail to see the picture. The Chicago municipal police/fire pensions were fully funded UNTIL the city leaders borrowed from it to pay for all of their projects.
Anyway, if the gov't does away with these pensions, then won't a lot of these people end up on gov't assistance anyway when they retire?
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,758,986 times
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Quote:
Originally Posted by Xanathos
Pension plans don't work. Period. There's a reason why no private sector companies offer them anymore. When you put them up against the queuing theory, they fail miserably.
The reality here is that there are a lot of states (mine included) where the government worker pension plans ALONE are accounting for over half of a state's budget. Illinois is also one of those states. The concept of a guaranteed salary for life for those not in the workforce does not work. It requires an ever-exploding base to fund the plan, especially when one considers that the average life expectancy goes up dramatically as time progresses.
If governments would simply do away with these pensions, it would fix the budget crises of most of these states in one fell swoop.
You cannot just say to people that were hired and have worked under the promise of a pension that "oops, we were kidding you" and take it away. Chicago's taxpayers are going to have to suck it up and pay the piper. For future hires, I would agree somewhat.
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