State and Governmental Bankruptcy is the worst of all bankruptcies, because it is not a small business that fails nor either a giant corporation that fails but it is “we the people” who have defaulted;yet “we the people” have substantial resources, time included, that rarely reach a level even approaching insolvency. Ted, your suggestion to double-down on the strategy to under fund pensions that have allready been historically underfunded, is like asking an unwanted guest to stay in your house even longer. The underfunding practice that got us in trouble in the first place is IMPOSSIBLE now to be the… Read more »
Advocate,
“A jurisdiction that imposes a specific revenue to fund a pension is acting financially responsible.”
Not when the pensions are the equivalent of winning a 3 million dollar lottery.
The only reasonable option left is to file bankruptcy, the State of Illinois will never be able to pay those ridiculous and obscene pensions.
In a major lack of transparency, the taxpayers were never told in easy to understand terms that the pension and retiree healthcare benefits and salaries were hiked repeatedly over decades, mostly at the request of public sector workers, unions, and lobbyists, while the pensions were already underfunded, and bond debt was piled on, and past due bills carried over to help the current year budget and financial statements, and various other financial trickery, creating massive debt.
A mess that still has not been completely explained in a way the average taxpayer can comprehend.
We the people were duped and scammed.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
State and Governmental Bankruptcy is the worst of all bankruptcies, because it is not a small business that fails nor either a giant corporation that fails but it is “we the people” who have defaulted;yet “we the people” have substantial resources, time included, that rarely reach a level even approaching insolvency. Ted, your suggestion to double-down on the strategy to under fund pensions that have allready been historically underfunded, is like asking an unwanted guest to stay in your house even longer. The underfunding practice that got us in trouble in the first place is IMPOSSIBLE now to be the… Read more »
Advocate,
“A jurisdiction that imposes a specific revenue to fund a pension is acting financially responsible.”
Not when the pensions are the equivalent of winning a 3 million dollar lottery.
The only reasonable option left is to file bankruptcy, the State of Illinois will never be able to pay those ridiculous and obscene pensions.
Start lobbying your federal reps now!
In a major lack of transparency, the taxpayers were never told in easy to understand terms that the pension and retiree healthcare benefits and salaries were hiked repeatedly over decades, mostly at the request of public sector workers, unions, and lobbyists, while the pensions were already underfunded, and bond debt was piled on, and past due bills carried over to help the current year budget and financial statements, and various other financial trickery, creating massive debt.
A mess that still has not been completely explained in a way the average taxpayer can comprehend.
We the people were duped and scammed.