For those fiscally irresponsible HOGS (in this case, HOGS being those who advocate more and more government spending)--everyone from Paul Krugman to Barack Obama to the U.S. Congress--here's what happens (at least at the state and local level):
Illinois faces its moment of pension reform truth - Chicago Sun-Times: "The state faces a choice: Either continue to hack away at vital services trying to fulfill skyrocketing pension obligations — pension costs are 17 percent of state expenditures this year — or cut future benefits.
The devil is in the details, of course, but the basic plan, for those just joining us: Retirement age gets pushed up to 67, cost-of-living adjustments are reduced, and retirees will be expected to pay something toward their health care — right now, 90 percent pay nothing.
The alternative: The state goes broke.
“If we don’t change the system, then folks coming up now, especially children, we won’t have the money for their schools, or education, or public safety,” Quinn says."
See what happens when you just spend, spend, spend?
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