Need to know about pension crisis

There are some definite financial issues plaguing America today. These issues are greatly affecting the citizens of this once-prosperous country. With the soured economy draining money from the fed and pulling jobs from the people of America, we, as American citizens, need to ask ourselves, "Is there money being wasted or spent unwisely"? The answer to this question is a resounding "yes."

All the areas of the U.S. government are wasting our money, but I will write only about government employee pensions in Illinois.

Illinois is driving itself deep into debt with government pensions. In 2008, according to Blagojevich's administration, the pension debt in Illinois would exceed $44 billion by the summer of 2008. This number is astounding. Even more astounding is the fact that the citizens of Illinois and the United States either don't know or don't care that we are spending money we don't have so we can pay government workers' pensions.

Most taxpayers in Illinois are paying about 15.3 percent of their income for retirement benefits when they reach 65 years of age (social security and Medicare). Government employees are paying an average of 8.8 percent for retirement benefits at 55 years of age (pensions and health insurance). What working citizen of this state could think that this is fair? This is unjustified spending of our money. I repeat: our money. We are paying taxes on our income, our automobiles, our gas, food, clothes and who knows what else while the state has already fallen into debt by more than we can even imagine. Now, Governor Pat Quinn wants to raise taxes in Illinois. The state of Illinois has the highest pension debt in the nation. The citizens of this state and country need to realize the facts of this pension crisis.

Luke Niels

Aurora