Posted on 06/22/2017 2:11:43 AM PDT by Yosemitest
Borrowed money. Mostly. "Quantitative easing" is when the Government borrows from the Federal Reserve. The Federal Reserve buys US Federal Government Debt and gives the Federal Government cash in return. It was a policy that began under Obama, but should be outlawed. It is "Just printing money" with the promise to pay it back, basically a promise to raise enough in taxes and legitimate borrowing to take the magic quantatatively easy money out of circulation.
Illinois must change the clause in its state Constitution the prohibits the reduction of pensions
Wait, it’s in their state constitution? Seriously?
New Yawk, Californicia, Taxachusetts, Connecticut, ....
> Wait, its in their state constitution? Seriously? <
Yep, and such a clause is not unusual in state constitutions. From the Illinois state constitution, Article XIII Section 5:
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.
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