Breaking News Bar
posted: 7/1/2013 5:00 AM

Throw out pols for pension crisis failure

hello
Success - Article sent! close
 

Throw out pols for pension crisis failure

Financing Illinois' pension debt just cost taxpayers dearly. Taxpayers will have to pay 40 percent more in interest payments for the next 25 years on $1.3 billion in general obligation bonds.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Because the state has the lowest credit rating in the country rather than paying an interest rate of 4.05 percent like states with AAA rated credit, Illinois taxpayers will have to pay 5.65 percent for this new debt offering maturing in 2038. Why? Standard & Poor's Rating Service blames the higher costs on the General Assembly's inability to fix nearly $100 billion in unfunded public pension obligations.

The credit rating agency also indicated the state's A-minus credit rating could fall to the BBB category if the state doesn't deal with the scheduled partial expiration of the big income tax rate hikes on Jan. 1, 2015 as well as pension reform.

Until our elected state officials demonstrate otherwise, you can only draw one conclusion. Their re-election, funded by special interest groups (unions), is more important to them than honoring their oath of office to "faithfully discharge the duties of the office to the best of my ability."

Causing taxpayers to pay 40 percent more in interest in Illinois than in other states for the next 25 years is a fiasco for taxpayers. Voters need to throw their elected officials out of office because they are not faithfully discharging the duty of the office they hold so irresponsibly.

Mike Tennis

Sleepy Hollow

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here