From the Palatine Tea Party…
(Palatine, Illinois) – Illinois currently is in first place for state pension funds that will run out of money in 2018. Starting in 2019 the annual shortage in Illinois is projected to be $13.6 billion. That is a projected 32 percent of the state’s revenue going to fill a pension hole.1
Illinois is just 8 years away from exhausting its pension fund and creating a yearly multi billion dollar shortage, according to data from Joshua Ruah an associate professor of finance at the Kellogg School of Management at Northwestern University.
Here are the top 11 pension funds that will run out money first. #1 Illinois, #2 Connecticut, #3 Indiana, #4 New Jersey, #5 Hawaii, #6 Louisiana, #7 Oklahoma, #8 Colorado, #9 Kansas, #10 Kentucky, #11 New Hampshire.
“The problem with socialism is that you eventually run out of other people’s money.” – Margaret Thatcher
Where does the problem lie? The Democrats control both the Illinois House of Representatives and the Illinois Senate. Currently, in the Illinois State Senate Democrats control 37 to the Republicans 22 seats. Additionally, in the Illinois State Representatives the Democrats control 70 and the Republicans control 48 seats. We are a one party State!
In the Illinois House of Representatives, Michael J. Madigan was elected Speaker for the 96th General Assembly on January 14, 2009. He has held that position since 1983, except for the period between 1994 and 1996. Representative Madigan was elected House Democratic Leader in 1981 and 1995. He served as House Majority Leader from 1977 through 1980. Mr. Madigan says, “as Speaker, I want every citizen of Illinois to know this is a people’s Legislature — we are here to serve the public, openly, honestly and with the highest standards. I am accountable only to you”.2
The Palatine Tea Party contacted Illinois State Senator Matt Murphy and asked about his perspective on this situation. Murphy said, “we started pension reform and additional reforms are necessary for the next governor and general assembly”.
Additionally, the Palatine Tea Party contacted Candidate Tom Morrison (IL House 54th District) and asked about his perspective on this situation. Morrison said, “our state will never recover financially, until we end wasteful government spending. It’s time to fight the stale corrupt process in Springfield, that’s why I’m running for State Representative. We must comb through the state budget: line by line, program by program, and bureaucrat by bureaucrat”.
2 housedem.state.il.us/members/madiganm