The state of Illinois is going to stop paying into pension funds because it’s strapped for cash:
The Illinois Legislature on Sunday approved Democratic Gov. Rod Blagojevich’s plan to withhold about $2 billion in payments over the next two years from the state’s public-employee pension systems to balance the state budget.
Can bankruptcy be far behind?
Let this stand as a contrast to our own governor, Matt Blunt, who has not raised taxes by shuffling budget priorities. Rod Blagjavinachek has raised taxes and cut pension funding, but he’s managing to continue spending like a drunken sailor with the captain’s credit card.
Undoubtedly, there are some people who would only knock the Illinois governor for cutting the pension payments to spend the money on fluff; undoubtedly, those people think that tax money is a renewable resource, and that there’ll always be more next year.