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What Destroyed Rome was its Unfunded Government Employee Pensions
For whatever reason, that ancient tradition of 20
years of service remained an expected benefit if
you were to work for government that has been
handed down through the centuries. However,
the socialists have simply ignored the lessons of
the past and adopted the VERY SAME pension
programs that truly contributed to the Decline
and Fall of Rome? Economically, it was
precisely what we see today in our own society.
Today, what has emerged as the government
employees v the people such as in Greece, the
same trend has infecting everywhere. Greece is
merely a test run for what we will soon face in
virtually all governments – UNFUNDED
Link to PDF
The bottomless pit
A setback for efforts to tackle enormous unfunded liabilities
The bill the Supreme Court struck down on May 8th was passed by state lawmakers in 2013. It reduced annual increases in pension payments, raised the retirement age and capped pensionable salaries. The bill was supposed to become law right away, but was held up by legal challenges and ultimately rejected by John Belz, a judge of the Sangamon County circuit, for violating the state constitution, which makes existing pension-contracts virtually untouchable. In a last-ditch effort to save the reform, the attorney-general, Lisa Madigan, appealed against the ruling to the state Supreme Court, but the court sided with Judge Belz. “Crisis is not an excuse to abandon the rule of law,” argued Lloyd Karmeier, one of the judges. “It is a summons to defend it.”
Illinois has piled up a whopping $111 billion in unfunded pension liabilities—the most underfunded retirement system of any state. In addition, it is $56 billion in debt for health benefits for the retired. It already devotes one in four of its tax dollars to pensions, according to the Civic Federation, a budget watchdog. Without the reform of 2013, say its advocates, this burden will keep increasing, which is why the well-being of Illinois citizens should override the constitutional protections given to pensions. This was the decision reached in Colorado and Florida, where annual pension increases for current and future public-sector pensioners were cut.
Link to article
originally posted by: Bluntone22
They will cry for a bailout and the government will bring a bucket.
Don't ask where the money will come from, your grandkids will find out soon enough.