In the “it gets crazier every day” category, Illinois governor, Pat Quinn, no fan of Ludwig von Mises, is seeking to jam taxpayers with a 33% hike in income tax rates. Yesterday, public workers held a rally in Springfield, chanting, “Raise taxes!” and “Show me the money!” to underscore: A) that they support Quinn’s proposal; B) that they’re shameless; and C) that plundering the private sector is the purpose of public unions.
Henry Bayer, representing the American Federation of State, County and Municipal Employees, warned legislators that “if you try to leave town without doing your job, we’re going to chase you. People are hurting,” he said, “that’s why we need a tax increase. Legislators don’t want to do their job.”
Get that? The “job” of legislators is to take more from people that are hurting—the private sector—in order to backstop those who aren’t hurting—the unions—in order to “mend” a budget destroyed by the latter. According to NPR:
If states could go bankrupt, Illinois might be the first.
State finances are in such a mess that many experts say the “Land of Lincoln” is on borrowed time and money.
One of the biggest issues is a huge unfunded pension liability. According to the Pew Center on the States, Illinois is worst in the nation when it come to setting aside enough money for its pensions. Its analysis of states’ pension funds in 2008 found Illinois had set aside just 54% of the money that’s been promised to its state workers and retirees.
Today, the unfunded pension liability in Illinois is much greater than the pension funds’ assets, and has ballooned to a staggering $77.8 billion.
So, public workers, who enjoy greater benefits than private workers, want to stick it to the latter. Even those who educate children, teaching America’s future “new math.”