Letter: Writer understands state's finances
I applaud the column written by Matt Paprocki (Sunday, March 19) as he hit the nail on the head. I am sick and tired of Illinois politicians (aka, Democrats) wanting to revive some version of the "Fair Tax." It was soundly rejected by the voters, yet the politicians continue to focus on their own personal agendas. It infuriates me that the politicians (Democrats) are oh so willing to put proposals on the ballot to amend the Illinois Constitution relating to the "Fair Tax" or "Workers Rights," yet don't even consider amendments to the Constitution for the single biggest cause of our state fiscal deficit - the continuous, growing and ever-expanding pension obligation.
The politicians are only serving the constituents that comprise their funding base, the political donors and not what is in the best interest of the state of Illinois and its 12 million (and ever decreasing) citizens.
Unlike "Wreck-It" Ralph Martire who generally writes columns that are nonsensical (e.g. his editorial supporting the "Fair Tax," which clearly was not needed to support the funding shortfall that never occurred), Paprocki's columns are generally well thought-out, clearly written, make financial sense and are prudent concepts to get Illinois back to getting on track for financial stability.
What most people don't realize is that we are probably approaching the end of higher interest rates and at best, they will remain at these elevated levels, or could start to decrease if we enter into a recession. That will be extremely negative for our pension deficit, as our pension liabilities will start increasing again as interest rates fall. If that happens, watch for the Illinois state politicians to announce that we need higher taxes to help fund the growing pension deficit.
A lot of this can be fixed through an amendment to the state constitution and/or implementing a 401(k) program for state employees instead of the spiral death trap the pension obligations will continue to punish the Illinois citizens.
Hello Democrats, are you listening?
Tony Aiello
Sugar Grove