Dennis Byrne on Pensions
Illinois, the worst is yet to come.
All you state retirees: Do you really believe that your pension was in any way secured by those blow-off-the-roof income tax increases? All you hospitals and social services that are owed billions: Think that check will arrive soon?
Should we think that tax increases will halt the torrent of state borrowing that put us so deep in debt in the first place? Will it drag the state's credit rating from off the floor?
Truth is, you've been chumped. None of that is happening.
UPDATE: post amended for percentage contributed.