Illinois promised its employees generous pensions. But didn't face the music and set aside enough money to make it possible to pay what they promised. They bought votes with phantom money. But payback time has arrived. How do they turn phantom dollars into real ones?
Surprise! By picking your pockets. Do you want to take money out of your wallet to reward the politicians of Illinois for this folly? They expect you to. They have convinced themselves that the federal government - your tax dollars - will guarantee their pension obligations. Here "guarantee" means "pay for."
Fortunately there is push back, both in Illinois and in Congress. Illinois Policy Institute opposes a federal bail out.
(Now that this Illinois group has called out Quinn he has back tracked and said the controversial wording was a drafting error.)
Citizens Against Government Waste named Illinois Governor Pat Quinn its Porker of the Month for September, 2012.