Illinois is asking for pension bailouts. Will other states follow suit? Published by Jane the Actuary View all posts by Jane the Actuary
7 thoughts on “Forbes post, “Begun, The State And Local Pension Bailout Requests Have””
All states including the mismanaged one I live in, Pennsylvania, need to shoulder the burden of their own mismanaged pension funds. The private sector is always told by politicians to tighten their budgets, “don’t spend money you don’t have”, but governments always do the opposite. It’s time for public sector workers to March on their governments and hold them accountable fo over spending. After all, the private sector in every state are the ones paying all the bills.
No no no no no no money to bail out state and local pension funds. Those vested benefits were earned for service to the state and locality and the federal government had no decision making authority on the benefit level, vesting schedule, retirement age, investment decisions, or anything else. FORGET IT!
The state pensions here in IL is and has always been nothing but one big Ponzi scheme. Retire in your mid fifties, get 80% of what was you last few years of salary, get a cost of living raise of 3% compounded every year and on top of it these state workers after three years of receiving these pension get everything they paid into it. It is no wonder the state has been going broke.
At no time do we longsuffering taxpayers hear ANY level of gov’t say, “We have to tighten our belts, we have to spend less, and produce more, lay off some staff, and increase our productivity. Our fellow citizens, who foot the bills, are suffering, and we should be right there in the trenches with them, shoukder to shoulder”.
NO… they say, “We know we are still collecting a full paychexk, we haven’t had to suffer at all, but we want MORE from our taxpayer base, the whole country’s taxpayer base, if we can get away with it! Screw the suffering small business people, screw the taxpayers! …WE WANT OURS!”
Astonishing. And they wonder why we regular schlubs hate our gov’t.