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Illinois Governor Pat Quinn wants the federal government to bailout his state’s public pension system. As insane as that sounds, one certainly can imagine progressive Democrats going along with such a harebrained scheme. Why, what better way to pay off the unions that do so much to help get them elected? Well, if Senator Jim DeMint has any say in the matter it’s not going to happen.
Among those leading the charge is Republican Sen. Jim DeMint. The South Carolina senator has joined the Illinois Policy Institute’s national “No Pension Bailout” campaign — an effort to stop Congress from attempting to rescue failing state and municipal pension plans.
“Our greatest concern is states will assume they can run their pension systems into bankruptcy and then turn to the federal government for bailout,” DeMint said Thursday.
He also suggested the problem is the result of state legislators trying for decades to win over voters through pension promises based “on accounting methods that would put any business in jail.”
The conservative policy group estimates the total amount of under-funded pension liabilities in states is at least $2.5 trillion, with Illinois leading the nation. (Read More)
Illinois Governor Pat Quinn wants the federal government to bailout his state’s public pension system. As insane as that sounds, one certainly can imagine progressive Democrats going along with such a harebrained scheme. Why, what better way to pay off the unions that do so much to help get them elected? Well, if Senator Jim DeMint has any say in the matter it’s not going to happen.
Among those leading the charge is Republican Sen. Jim DeMint. The South Carolina senator has joined the Illinois Policy Institute’s national “No Pension Bailout” campaign — an effort to stop Congress from attempting to rescue failing state and municipal pension plans.
“Our greatest concern is states will assume they can run their pension systems into bankruptcy and then turn to the federal government for bailout,” DeMint said Thursday.
He also suggested the problem is the result of state legislators trying for decades to win over voters through pension promises based “on accounting methods that would put any business in jail.”
The conservative policy group estimates the total amount of under-funded pension liabilities in states is at least $2.5 trillion, with Illinois leading the nation. (Read More)
They already increased our state taxes by 2% last year. Typical liberals... brave enough to raise taxes but not brave enough to cut spending
The State made a deal with it's employes and should pay what is owed. Even though any private company could just excape the liability with bankruptcy that statre should not be allowed to do so.
The State made a deal with it's employes and should pay what is owed. Even though any private company could just excape the liability with bankruptcy that statre should not be allowed to do so.
This, I believe, is the first time I have ever agreed with you on anything. Having said that, however, I do not believe it is up to the federal government (read me, you, or anyone else) to bail out the state. They caused the problem and should find some way to fix it themselves.
If that means the people of IL have to step up and pay more, that is their issue/problem. Not mine. They can then turn around and vote out the people who caused this problem. If IL is allowed to do this, then my state, CA will not be far behind. Neither will many other states. Where will it end?
The State made a deal with it's employes and should pay what is owed. Even though any private company could just excape the liability with bankruptcy that statre should not be allowed to do so.
Then let the state pay for it. Not the rest of the country.
And then let the people of Illinois know that their politicians sold them out for votes. THEY voted for this, let THEM suffer the consequences.
The State made a deal with it's employes and should pay what is owed. Even though any private company could just excape the liability with bankruptcy that statre should not be allowed to do so.
Greg, never agreed with you before but this time I find myself in full agreement!
If Illinois needs to raise their business income tax to 50% then so be it. Personally I would like to see the rate raised to 75% or higher because we in the South love it when businesses relocate to our area!
Go get em, Tiger! Make em pay their "fair share", shake em down, ride em hard and put em away wet! Make Chicago look like Detroit!
The State made a deal with it's employes and should pay what is owed. Even though any private company could just excape the liability with bankruptcy that statre should not be allowed to do so.
The state made that deal not the federal government. Let Illinois deal with their own problems. When the people realize they will be paying out the keyster for the corruption that has gone on in that state for the last fifty years maybe they will finally wake up and vote these crooks to the curb. I doubt it though but then let them pay not some guy in Montana.
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