"As a new day damned over the Illinois State Legislature one morning in March, a 39-page bill hit the floor like none seen in decades. Public Act 96-0889 proposed slashing $71 billion from future state budgets. it did so by requiring newly hired state employees to work up to a dozen years longer than employees had to in the past, until age 67, to draw full pensions. ... Instead, by dinnertime that very day, virtually every memebr of Springfield's bluest of blue-state legislatures had voted in favor of making the bill law. ... In the shadow of financial Armageddon an outraged populace is beginning to stir. Yes, Washington is still goring on the public plastic by issuing trillions of dollars in ew debt. States and cities, however, fo not have their own printing presses and cannot count on the Chinese to fund their profligacy. ... After decades of ever bigger public payrolls and cushier benefits, the breaking point has arrived. It is giving rise to a potentially profound political realignment", Stephanie Fitch & Christopher Steiner at Forbes, 7 June 2010, link: http://www.forbes.com/forbes/2010/0607/outfront-pension-retirement-benefits-taxes-states-fiscal-hawks.html.
Financial Armageddon? Did anyone ask Michael Panzner about this?
3 comments:
Lots-o-change coming.
It's nice to see political leading the change rather than whitewashing the facts.
Panzer?
Anonymous:
Panzner has a blog titled, "Financial Armageddon". I have a link to it.
IA
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