Madigan and pensions
To the Editor:
This could be just a story or it could be true. You decide.
About 30 years ago, a teacher who has been teaching for some 30 years decides to retire at age 55. Or this could be a state union employee. But about the same time, Mike Madigan becomes speaker of the House in Springfield. This teacher's retirement is $2,500 a month, or $30,000 a year. He will receive a 3 percent cost-of-living raise every year.
Now I'm not saying this was Speaker Madigan's, idea but it is something he should have looked at 30 years ago. But Speaker Madigan likes teachers (votes) and he likes state employees (votes).
Let's move the clock ahead 30 years, and it is now 2013. Mike Madigan is still speaker of the House, and the state is in a financial mess. We have the lowest bond rating of any of the 50 states. How could this be?
Let's go back to the teacher. Oh, yes, he is still alive and is now 85 years old. Remember, he has been getting a 3 percent COLA raise every year. His retirement is now, after 30 full years of retirement, $6,064.76 a month, or $72,777.17 a year. Just think if he would live 10 more years?
Also, Speaker Madigan wants to let gays get married and give driver's licenses to those who don't belong here. What will Illinois look like in 30 years?