Sunday, December 1, 2013

Public Employee Unions Attack Socialists In Illinois

The state of Illinois is bankrupt often unable to pay suppliers the monies owed them.   Illinois has been run by Socialists, including the Governor and the State Legislature for years.  Illinois has about $100 Billion of unfunded pension liability promised to state workers.  Since fortunately states can't print money and Obama would never get a bail out bill through Congress, Socialist leaders in Illinois have no choice but to push through a pension reform bill designed to cut benefits for public employee union members.  

Raising taxes further is just not an option because Illinois already has some of the highest taxes in the country.   So, the Socialists in control are forced to do the fifth grade math.  They just can't bleed the people and companies of Illinois, many of which have left the state, any further.  Socialists in power have to cut the pension benefits promised their PEEP's.   They have no other choice.  Naturally, the public employee unions are going bonkers vowing retribution on Socialist politicians come election time.  Do what they may, the money is just not there to pay the exorbitant pensions promised these government workers. 
Much the same as happened in Detroit, Illinois is facing bankruptcy.  Illinois bonds are junk bonds that most investors will not touch.  Entitlements in Illinois are out of control as more and more people are on Welfare and other state programs.  Socialists can't tax or borrow their way out of the mess they created.  The rubber has hit the road.  The capital markets are saying NO to more borrowing and or making the cost so high that borrowing is impossible.  

Wake up America.  This is the road ahead if President Obama and his Socialists pals in Congress continue increasing Entitlements and refuse to cut spending adding to our $17 Trillion National Debt.   We are seeing the end of the story in Illinois that is coming to America in the near future. 

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