New Jersey’s Democratic Senate President Steve Sweeney is once again pushing to rein in pension costs, reports the Wall Street Journal.
“We’re broke,” he says.
Meanwhile, Sweeney’s counterpart in Illinois, Democratic President John Culerton, repeated as recently as June his nationally ridiculed line that there’s “no pension crisis” in Illinois. That’s while the state sinks $10 billion further into insolvency year after year, Chicago moves towards selling off its future revenue and smaller municipalities slash services across the state, all mostly because of pensions.
Equally important, Sweeney added, “Just throwing tax dollars at it isn’t going to fix it.”
Wouldn’t you like to hear even one Illinois Democrat say that?
Now, Senator Cullerton, we assume you know the first step towards recovery is admitting you have a problem.
So say it. Just say it:
We’re broke.
And everybody in Springfield, all together now:
Just throwing tax dollars at it isn’t going to fix it.
–Mark Glennon is founder and Executive Editor of Wirepoints.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Remember how former Mayor Daley in desperation”sold” public parking to foreign investors for a $ billion to cover budget deficits ? That money was gone in two years leaving the city still in deficit, still bankrupt, with higher local real estate taxes, higher fees and charges for public services, and all the the growing parking revenue enriching only those foreign investors who had sold brain dead Chicago politicians a lemon of a deal. Where was Rahm when the monumental mistake immediately hit home? Nada. Now Mayor Rahm wants to play the same kind of game – and it will have… Read more »
The people of Chicago voted for Rahm and deserve what they get.
let’s break faster-the drain on us will eventually drain out. Do we want to wait til we are emptied or stop the drain while we still have something that is ours> My idea? just give them 1% like Indiana, with a note attached-“Use the Indiana Budget for everything, gub employees and pensions-and reduce them to the Indiana amount today-for everyone and cut gub staff by 80%.