Thursday, May 31, 2012

Illinois - The wages of sin

"Reform runaway Medicaid and pension spending or subject the least creditworthy state in America-- Illinois-- to even more costly bond rating downgrades. He noted that rating agency Standard & Poor's says it could drop Illinois "by more than one notch" if the state won't fix its finances."- Chicago Tribune

Good start, Illinois lawmakers, on financial reforms. Now finish. - "Those of you in Springfield (Illinois state capital) need to pay for sins that not all of you committed. Friday's Tribune detailed how a 1989 law ballooned the pensions of legislators who served more than 20 years, a classic case of pension sweeteners written by lawmakers for lawmakers. Legislative newcomers no longer qualify for that perk. But among the still-serving members grandfathered into its lavish pensions when they retire are House Speaker Michael Madigan ($131,000 next year if he retired this year) and Senate President John Cullerton ($112,000)."

Hogs at the Trough - one wonders: how do these guys look themselves in the mirror?


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