On Tuesday, the Securities and Exchange Commission charged the fiscally irresponsible state government for misleading bond investors about the health of its public pension system. The Land of Lincoln’s elected officials have been piling up mountains of pension debt for years and refusing to pay it off. In fact, Illinois currently owes $192 billion in unfunded pension liabilities over the past few decades thanks to its legislature’s long history of short-changing pension payments.
While the spendthrift politicians were caught this time around, it’s not the only trick they have up their sleeve. Governor Pat Quinn has been rubbing elbows with the Kenyan’s Administration in an effort to secure a federal bailout. Just last year in his state budget, the governor wrote, “significant long-term improvements will come only from … seeking a federal guarantee of the debt.” That’s right, Illinois’s officials are scheming to shift their self-incurred debts onto the backs of taxpayers.
Sadly, Illinois is just one of many states that may be interested in swindling federal taxpayers. Other states like California and New York have also nearly bankrupted their public pensions and may be looking for a bailout courtesy of your family.
This in not only immoral, it is un-Constitutional. How can one State, and its citizens, be forced to pay for the
mis-judgments (criminality) of another?
When these bailouts begin, and they most certainly will, it will be time to begin calling for a nationwide boycott of all taxes, that will end the insanity. It will be called a Tax Rebellion.
and, in another story…
WASHINGTON (AP) — House Speaker John Boehner says he “absolutely” trusts President Barack Hussein Obama.