State pension solution: bankruptcy
For the past several weeks, the taxpayers of this state have been deluged with information about how bad the state debt is, and the largest contributor is the pension provisions of state workers and teachers. Well, Gov. Quinn, the credit rating of Illinois keeps getting worse and worse because the legislators and you are not able to craft a solution.
Guess what, other large companies faced with the same problem have not only found the solution, but executed the fix and are now back to business.
What I'm talking about is to declare bankruptcy and when you go to court to reorganize/pay the debt, kill the pension plans and turn them over to the Pension Guarantee Board of the U.S. Government to administer.
While in bankruptcy you can also kill the current union contracts and start over.
Take a lesson from the private sector, governor, and act like a CEO of a big organization rather than a politician. The cost of living is going up in this state and that leaves only two solutions — get a second job to pay for it or move to another state. Neither appeals to me at this time, but if you and our legislators keep avoiding making the hard decisions as required, you're all not acting in the best interest of the people who put their trust in you by giving you their vote.
Let's see some action on pension reform — now.
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