Wednesday, December 12, 2018

Rahm endorses amending pension guarantee in Illinois constitution

I've been in support of amending the Illinois constitution for ten years now regarding pensions. It's great to have some company.

From the Illinois Policy Institute:
Outgoing Mayor Rahm Emanuel is publicly pushing for a constitutional amendment to the state’s pension clause. Pension reform is the only way to combat rising property taxes and prevent further budget chaos in Illinois state and local governments.

Chicago Mayor Rahm Emanuel in a speech to the City Council Dec. 12 is calling for a constitutional amendment to Illinois’ restrictive pension clause. State lawmakers must vote to amend the constitution with three-fifths majorities in both chambers of the General Assembly before an amendment can go to voters for approval on the 2020 general election ballot.

A constitutional amendment to allow changes to future, unearned pension benefits is the only way to stop rising property taxes and income taxes, as well as prevent annual pension contributions from crowding out government spending on education and social services, both at the state and local levels.

Illinois spends the most in the nation on pension benefits at the state and local levels, as a share of all government spending. The Land of Lincoln has the worst pension debt-to-revenue ratio of any U.S. state ever recorded.

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