It’s a scam.
They all know that the next time the Dems get total control in Washington they’ll be implementing the Teresa Ghilarducci solution.
Try cutting expenses first.
He's retired and IRA will remain untouched for 5 years.
Guess we don’t have to worry about Rahm running for President anytime soon.
Its funny that Democrats always talk about ‘sustainability’ yet their own policies are not sustainable.
Spend and tax, or is it tax and spend? Any difference?
If a casino is the best you can hope for, you are up shite creek.
Promises of riches from the state’s last gambling expansion fell short. In 2009, Illinois legalized video poker and slots to help fund a $31 billion infrastructure spending program. State lawmakers projected state revenues to reach $1 billion by November 2013. In reality, the state brought in less than $70 million by that date. Five years later, total state revenues were supposed to rise to $2.5 billion, but state coffers only saw $1.4 billion by November 2018.
Taxpayers eventually found themselves burdened with $10 billion in debt – a cautionary tale for those relying on uncertain estimates of future revenues for today’s spending promises.
https://www.illinoispolicy.org/what-you-need-to-know-about-illinois-gambling-expansion/
I wonder if they didn’t borrow from the fund to fund other things like social programs for illegals.
if a public servant dies before he retires, take his pension to pay for someone else, other than his children...
after all, they didn’t work for it.
“The Illinois Supreme Court consistently has ruled the state constitution doesn’t allow for pension benefits to be cut.”
And that right there is the problem. Public service unions bought the dem politicians to get this sweetheart deal that screws every Illinois taxpayer to satisfy their own greed.
You just have to wonder what happens when the state becomes “officially” insolvent.
As I keep telling my friends still living back there - and a bunch are counting City of Chicago, Cook County, and Illinois retirement plans - that everything will seem OK until the “reset” happens. And when the reset happens, it will already have happened before they have a chance to do anything. The insiders will have their chance to cash out beforehand but they’ll find that they aren’t insiders. There will just be a “here is the new deal” thing and you’ll have to live with it.
“Chicago’s pensions are the most poorly funded of the largest U.S. cities”
Nothing that is 30 billion “short” should ever be looked at as something that should ever have been funded at all.
So clearly, the solution here is ...raise taxes even more. Causing massive widespread suffering is a small price to pay for the corrupt political deals over pensions for a few.
Eventually, there will be bankruptcies that will be federalized and everyone in the country will pay these crooks.
Democrat judges will order it when ever it arrives in the courts.
He raised taxes to get his and other gov’t workers a fat pension and is having everyone who is not, they are paying for it.
The Illinois Supreme Court consistently has ruled the state constitution doesn’t allow for pension benefits to be cut.
But a new legislature and governor could change that in a heartbeat by Amending the State Constitution to Abolish all taxpayer funded Pension Schemes and reduce current Pensioners to an amount comparable to the Funds the Pension Fund has.