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Originally Posted by sunnyatlast
When will people learn from messes like this that legislators make and the states' taxpayers are ALREADY on the hook to pay for, for this type of boondoggle??
Illinois’ pension liability as a percentage of state revenue is far and away the nation’s highest, according to a new report from a major credit-rating agency.
The state’s three-year average liability over revenue is 258 percent, Moody’s Investors Service says.
The next closest? Connecticut, at about 200 percent.
The Moody’s report averaged the Illinois percentage from 2010 through 2012. In 2012 alone, the state’s rate was 318 percent.
The state has a $100 billion deficit in the amount of money that should be invested in the portfolios of five state-employee pension accounts. Lawmakers adopted an overhaul plan last fall that cuts benefits and increases worker contributions to significantly cut that debt.
But the law has been challenged in court……" http://politics.suntimes.com/article...09062014-848pm |
Since I'm not supposed to direct my comments toward other users, Sunny, I'll preface that my remarks are directed at no one in particular.
Through my keen powers of observation, I've noticed that PUBLIC unions give an awful lot of money to certain candidates that believe in confiscating and redistributing tax dollars. It's a very "cute" cycle where PUBLIC unions donate to sympathetic candidates, said candidates are elected, and then… wait for it… oh my gosh, they feel an "obligation" to "repay" their donors in the form of ever increasing benefit and pensions for public service employees.
On a national level, "we" borrow 42 cents of every dollar spent. Does ANYONE really believe the laws of economics can be ignored indefinitely?
Guess what? Social Security and Medicare are next. They are bankrupting the country. The can can only be kicked down the road so far. Plan for it is the best advice. It WILL have to be tackled one day. Perhaps most of the current villagers will have passed before then, good for them, but their kids, grandkids, and great-grandkids will have to pay the tab. Sorry, but Santa Claus is not real.
My guess is the Fed will inflate it away; beware "approaching" seniors!