…we’re not even remotely revolutionary.
Most state employee pension funds are grossly underfunded. In California, that would rather use money to build a high speed rail, the taxpayers, both state and municipal, are on the hook for $500 billion that is not in anyone’s treasury. In Massachusetts, the cost of paying public employees promised benefits, that has not been funded, amounts to $13,685 per household.
But Illinois seems to hold the dubious distinction of being the worst.
…Dana Levenson, Chicago’s former chief financial officer, has projected that the average city homeowner paying $3,000 in annual property taxes could see his tax bill rise within five years as much as $1,400. The reason: A 2010 Illinois law requires municipalities to raise the funding levels in their pension systems using property tax revenues but no additional contributions from government employees. [emphasis supplied]
What responsible legislature would pass such a bill? One beholden to the unions for election money and votes, of course.
Do you have one of those in your state?