by Ben Yount, Illinois Watchdog
Thursday, Nov 27, 2014
Quincy, IL News - QuincyJournal.com
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qfingers - Jail Committee to draft ¼ per cent sales tax ballot resolution - Quincy, IL News - QuincyJour
The number required to do away with sales tax is an additional 15% on top of what we already pay. So it would be 22.75%. http://www.cato.org/publications/commentary/consi... And the universal rebate would make it progressive so it's really not too bad an idea if we can get rid of the IRS in…
qfingers - Jail Committee to draft ¼ per cent sales tax ballot resolution - Quincy, IL News - QuincyJour
Do you really need a reply to your sarcasm? At least I assume it was sarcasm?
Stupid_Dems - Debate continues on how to go about building Quincy\'s new schools - Quincy, IL News - QuincyJournal
The voters who approved this referendum also expected the construction work and engineering work to be LOCAL. But the Board has went out of town many times over the years most recently they went to Rockford for their printer business. They don't mind taking money from the local taxpayers but don't seem to feel the local folks are good enough to provide the services needed. Hannibal had no…
LNeck2012 - Debate continues on how to go about building Quincy\'s new schools - Quincy, IL News - QuincyJournal
Well let's look at this. A failed construction worker and a a total tool bag want to hire a construction manager knowing full well that there would be no point to it, especially when they're from out-of-town, because we have plenty of firms here that can handle it. And they did this just a few months before they're up for re-election? Leroy Jethro Gibbs doesn't believe in coincidence,…
GuyFawkes10 - Jail Committee to draft ¼ per cent sales tax ballot resolution - Quincy, IL News - QuincyJour
Round it up to 15% and do away with IRS

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Illinois’ real pension crisis: Finding enough taxpayers to pay the bills

Illinois’ real pension crisis: Finding enough taxpayers to pay the bills

1 year, 1 month ago by Ben Yount, Illinois Watchdog

The top Democrat in the Illinois Senate says the state’s worst-in-the-nation pension debt is not a crisis. And he’s right.

Senate President John Cullerton points out that Illinois’ pension debt merely is slowly bankrupting the state.

Cullerton said the real crisis, in his mind, is making sure there is enough tax revenue to pay the states’ nearly $9 billion a year pension payment. But he is wrong.

Cullerton should be worried there are enough taxpayers to pay the bills.

Illinois have close to 1 million government workers — teachers, state employees, local cops and firefighters, and federal employees all due some sort of public pension.

But there only 4 million workers in both the public and private sectors combined, and the total public-sector pension debt is astronomical.

“The entire gross domestic product (GDP) of Illinois, the measure of all goods and services produced in the state, is only $644 billion,” Adam Andrzejewski, founder of the watchdog OpenTheBooks.com told Illinois Watchdog. “The teachers’ retirement plan is underfunded by estimates of $100-$200 billion. That’s up to one-third of everything produced by the entire economy in a year. It’s a crisis verging on bankruptcy.”

Andrzejewski said there is no way 75 percent of workers in Illinois can continue to guarantee 90 percent of the costs for “gold plated” public pensions for just 25 percent of workers.

“Those government employees have guaranteed salaries, generous sick time and vacation packages, most have 80-100 percent paid health insurance,” Andrzejewski said. “None of this is found amongst rank-and-file employees in the private sector.”

State Rep. Tom Morrison, R-Palatine, said Illinois needs to head off its real crisis and end defined-benefit public pensions. 

“The taxpayers that we are counting on to help subsidize retirements are getting more and more concerned about (paying) higher taxes,” Morrision said.

Morrison is one of a handful of lawmakers pushing for a 401(k)-style retirement plan.

“You preserve what (public employees) have earned up to this point,” Morrison said. “But going forward, you give them the ability to control their own retirement plans.”

Current pension reforms would only tweak the system for public employees. Illinois still will be facing billions of dollars in retirement costs while having to scale back services to the public.

Morrison said Illinois cannot afford to pay so much for pensions for so few.

“While (public employees) have a guarantee in the Constitution that says pension benefits cannot be diminished, there’s nothing in the Constitution that forces taxpayers to stay in Illinois,” Morrison said.


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