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HappyGilmore saysThe problem is how do you legally change the terms of their contract without going through bankruptcy?
With the current rules in places like California and Illinois, even when a City goes bankrupt - they still can't renegotiate the pension "contract". Everyone else suffers with higher taxes, reduced services and bond holders getting shafted - but not the government workers.
How is that fair? Where is the "contract" for tax payers to not let their cities implode with junk bond status while the politicians and the government bureaucracy to pad their nests using our tax dollars?
All we are asking is for the government workers and their unions to compromise a bit too.
Correct. Well put. Guaranteed pension appreciation should be illegal
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Democratic governor candidate J.B. Pritzker said Tuesday he would seek to temporarily raise Illinois’ flat income tax rate and boost credits and deductions while lawmakers consider changing the state constitution to allow for a graduated income tax.