Why Illinois Is Bankrupt

Tuesday, March 27, AD 2012




My beloved state of Illinois has a terrible economy, and a shrinking tax base but that is apparently no problem for the bi-partisan pirates who have been plundering the Land of Lincoln for decades:

When Republican state Rep. Roger Eddy announced his retirement from the House Thursday, you could hear the “ding, ding, ding” of a slot machine all the way from Springfield.
Eddy hit the pension jackpot.
He is retiring early from the House to run the Illinois Association of School Boards, which, among other activities, lobbies the Illinois Legislature. His start date is July 1 — although now that he’s leaving the Statehouse before the end of the spring session, he said it’s likely he’ll work for the association before July.
Why the sudden defection? One likely reason: He’ll be much richer in retirement, thanks in part to taxpayers.
In his new job, Eddy will not only stay in the Teachers’ Retirement System, he can collect more in benefits from it. He has been working both as a state representative and superintendent for Hutsonville Community Unit School District 1. He has been part of TRS through his Hutsonville job, where he earned a salary of $107,400. His new salary is expected to be at least $200,000, and his pension will be based on that.
Illinois Statehouse News reported that Eddy’s pension as school superintendent would have been about $70,500 a year. It will climb to at least $141,000 in his new job. His predecessor at the IASB, Mike Johnson, is earning an annual pension — get ready to swallow hard — of $193,273, according to TRS.
But that’s not the end of Eddy’s pension largesse. He’ll be eligible in two years to begin collecting a pension of about $24,000 a year from his nine years of part-time work in the Legislature. Illinois Statehouse News projected his lawmaker pension carries a lifetime value of $584,273. Eddy is 53 years old.

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6 Responses to Why Illinois Is Bankrupt

  • Not only do incidents like this hurt taxpayers, they also hurt the vast majority of state employees who cannot and will not ever receive pensions that large — if indeed they receive a pension at all, at the rate things are going.

  • “…if indeed they receive a pension at all, at the rate things are going.”

    The only pension I have is what I save myself. My saving rate is hurt by taxes.

  • …and Illinois had to add insult to injury by giving the nation Obama to everlasting shame.

  • Born and raised in the Land of Lincoln, going to school in Georgia, and never looking back (well, maybe for a Bulls game or two).

  • They should start showing this commercial in Wisconsin. Too many people up here still think Scott Walker is being very mean to the poor teachers. I’m not a huge Ann Coulter fan, but she summed up the situation very nicely by noting that the public union employees want the people in the private sector – people who are already suffering – to suffer more so public union employees do not have to suffer at all. What floors me is how many private sector people have fallen for the union propaganda.

    Ah, well, as Mark Steyn has been saying lately, civilisations can die of stupidity. We sure seem to be headed that way.

  • “Too many people up here still think Scott Walker is being very mean to the poor teachers.”

    The Illinois Chamber of Commerce has invited Walker to address a meeting in Springfield on April 17 regarding solutions to the pension/budget crisis. Of course, union types are vowing to protest the appearance.

    In some ways, however, our Democratic governor, Pat Quinn, is not exactly a friend of unions either. At the end of the last fiscal year, he announced out of the blue that pay increases previously negotiated as part of a union contract would be frozen, on the grounds that not enough money had been appropriated to cover them. In other words, Quinn abruptly reneged on an existing contract, whereas Walker used the legislative process to change the law first and gave everyone plenty of notice of what he intended to do. After the pay freeze was imposed some AFSCME officials complained that Quinn was “worse than Walker” for that very reason!