Wilmette resident Marc Levine writes in the Daily Herald yesterday about the Illinois pension mess that Democrat/Combine politicians created over decades and then mismanaged into insolvency. Shifting the vast pension deficits to suburban school districts will mean even greater reductions in home values (and equity in those homes) than resulted from the recent recession. The clear path for Springfield is the same solution legislated earlier this year in Rhode Island with both Democrat and Republican support. Illinois House and Senate candidates need to get on board.

Quinn and Madigan were unwilling to implement real cost savings reforms. Instead, their plan shifts future pension costs onto local school districts that are funded predominantly with property taxes. Our citizens are already worried that their own savings are insufficient for retirement. We cannot add to their tax burden in a desperate bailout of the deeply flawed pension system. Under the Quinn-Madigan proposal, what happens if actual investment returns are below the overly optimistic estimates? What if actuaries continue to under-estimate how long people will live? What if pension officials change assumptions (as they are certain to do) that trigger increased cost? The answer – add the tab to your property taxes.”

Advertisements