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Illinois Public Pensions, Municipal Bankruptcy and Illinois taxes

The unfunded liabilities facing government pension plans have gained increased public scrutiny during the past year. Governing entities and taxpayers are beginning to recognize the potential consequences of public pension liabilities. Headlines have exposed municipal bankruptcies, such as Detroit and numerous cities in California. In some extreme cases, pension liabilities have been one of the key drivers for municipal bankruptcy filings and reduced pensions could wind up as the solution for the budget shortfall. Current data indicates that...

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Ask not what your government can do for you – there is a limit

The government has no business trying to run entitlement programs such as Obamacare – no business acumen whatsoever. Social Security is going bankrupt. As reported in 2010 in the New York Times, the program was already paying out more money than it had coming in (6 years before it was predicted to happen) with only IOUs in its so-called trust fund. Medicare Hospital Insurance Trust Fund expenditures have exceeded income annually since 2008 and are projected to continue doing so under current law in all future years. It could go bankrupt...

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Detroit bankruptcy caused by decades of liberal policies

Detroit is a showcase for the liberal agenda — and now it is bankrupt. More than 50 years of control by big-government liberals and union bosses have left a once-great American city crippled. Excerpt: Democrats have dominated the city council, and there’s been a Democratic mayor since 1962. One-party government quickly became bad government, featuring liberal policies such as sweet benefits for government unions. For decades, Detroit kept kicking the can down the road: unaffordable borrowing, state grant schemes, raising taxes to the...

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