To the Editor:
Public pensions are earned benefits, and expected to earn interest, as in Illinois. They are constitutionally guaranteed to pay retirees or employees. Meanwhile, however, the state has sometimes borrowed these public funds and not always refunded them. Thus, the state gets low on its public pension treasury and expects employees to forgo much of their earned benefits despite its guarantee.
Illinois does not need to have pensioners forgo funds. There are $2 billion of corporate and rich people’s tax loopholes that the state could derive enough funds to pay public pensions going forward, as is the union plan.
The federal government should cover these employee-funded pensions and that earned interest. As for Medicare and Social Security, benefits also have been earned until borrowed by the federal government, but not repaid to wage earners.
The state’s vital services of education and mental health should be federally funded to help all of our economy. The union plan may be quicker than the slow, conservative, congressional plan.