On the Topic of Illinois' Debt
A storm's brewing....
Illinois needs to stand up and say, “NO MORE!” No more taxes until the deficit is fixed. Those claiming that more taxes are needed to fix the deficit must consider the fact that we already have the 8th highest tax burden on individuals in the county. They must also consider that our pension deficit is 203 Billion and enacting all of Pritzker’s 19 tax hikes would only bring in 6.9 billion a year. Raising taxes is not a reasonable response to our problems.
The city of Chicago is grappling with a pension system that is underfunded by 77% and still attempting to expand its pension system. Chicago teachers have been offered a 16% rise in incomes and yet they still demand more. If we were to raise enough money to cover the deficit today, it would only grow more by tomorrow.
Where is the self-control? The paci
ng of increases in salaries and pensions needs to slow. We are facing a troubling time as a state when no-one is willing to stop. We keep talking about spending more and more and more and not about saving for the future. These are good things we want to spend money on, roads and infrastructure, teachers’ salaries, and welfare programs are wonderful things to invest in, but when does it stop? How much can be written into the blank check before it bounces?
The question should concern us much more than we let it because people are leaving and worse, people are not moving here. As the graduate tax rate proposal gains more traction, no one is stopping to ask whether it will help at all? It could raise more money for today, but it could cost us more of our workforce and what about tomorrow? What happens when there are not enough taxpayers to pay for everything? What happens when the tax burden is so great, it becomes infeasible to pay for it all? We are at that point.