SEC Launches Inquiry Into IL Pension Fund

The Securities and Exchange Commission has launched an inquiry into public statements by Illinois officials about the state’s underfunded pension fund, the state’s governor’s office confirmed Monday night.

(Full story here.)

Well it’s official!  The Springfield cabal has so poisoned the well that now the SEC is asking questions.  We can only hope that they uncover what most of us already know and turn the investigation over the FBI.

We’ve been lied to for so long on this pension debacle.  It’s going to get worse, much worse before it gets any better.  Don’t think so?

All you state retirees: Do you really believe that your pension was in any way secured by those blow-off-the-roof income tax increases? All you hospitals and social services that are owed billions: Think that check will arrive soon?  …

Truth is, you’ve been chumped. None of that is happening.

Let’s do the simple math: The new revenues will produce $6.5 billion. That amount has to cover a $15 billion budget deficit. Failing a miracle of loaves and fishes, it won’t work.

Billions in delinquent bills will remain unpaid. New borrowing of $8.75 billion was supposed to take care of that, but even Democrats didn’t have the stomach to swallow that one. Gov. Pat Quinn’s office said that the new taxes would “address” the backlog, which is bureaucrat-speak for “we don’t have a clue.” State Comptroller Judy Baar Topinka warns unpaid bills could double soon, even with the increases.

(Full story here.)

It is extremely important to realize that we’ve been sold down the river by the current politicians who refuse to stand up to union leadership.

Locally, Da Mare — as in Mayor Daley — didn’t want any labor unrest before the Olympic nonsense so he granted big labor long term contracts.  No the taxpayer gets hit with the results.

We have indebted our children and our grandchildren.  It is incumbent upon us to stand-up and scream like Howard Beale that we’re simply not going to take it anymore.

We demand better.