Illinois is in the jackpot it now enjoys because Dawn Clark Netsch and every other Goo-goo syrup-dripping phony and Marxist-in-Demo-Drag bully ragged gutless elected officials into more Taxes. More Taxes for -
1. The Children
2. The Hungry
3. Old Folks
5. Fish & Sierra
6. Green Everything
7. Stan Ikenberry and Chris Kennedy
8. Assorted Race-baiting scams
10. HI -Speed Rail Adventures of the Future!
These stupid and wasteful measure that did very little good were pie-charted by Ralph Martire - the most dangerous dweeb in Illinois.
Today, Ralph whines that Pensions are a symptom and not a cause -
That’s because the state’s outsized pension debt is actually a symptom of the state’s fiscal problems — not their cause.
Let me explain. For decades, annual state revenue growth has been insufficient to cover the growth in the cost of providing the aforesaid core public services, adjusting for just inflation and population growth. So for decades, legislators and governors engaged in the irresponsible fiscal practice of diverting revenue that should have been used to make pension payments, to instead cover service delivery, effectively using the pension system like a credit card.
As noted in a recent letter issued by the Chicago Federal Reserve Board, it is this decades-long failure to make employer contributions to the pension systems, coupled with asset losses caused by the recent recession, that in fact created the state’s huge unfunded liability. To be clear, the unfunded liability was not caused by generous benefits, high costs or even high head counts. But facing that reality is uncomfortable for politicians because it points the finger directly at them — and their irresponsible fiscal stewardship.
So, rather than honestly confront their own fiscal mismanagement, many politicians find it more convenient to demagogue this issue. And what better way to distract voters than by telling them the problem can be solved by switching from the state’s current defined benefit system to a 401(k)-styled defined contribution system — just like many voters have in the private sector. This has the advantage of sounding reasonable because it appeals to voters’ own personal experiences. Now, that may be good politics, but it’s horrible policy.
Right Ralph they are a symptom of Stupid Progressive and the hired Pie-Chart Pirates like you.
Thanks for Clearing things up.
If I were Bill Brady I would say Ralph Martire every third sentence.
If I were Governor Pat Quinn I would say "Ralph Martire is now a resident of Utah! I helped Ralphie pack!"