To the Editor:
This is in response to Tom Kerth’s recent letter (May 29) regarding public pension reform. Yes, it’s true, your funds were mishandled. Did you really expect Illinois’ elected officials to do otherwise? Look at their track record of corruption, greed and misuse of funds exhibited over the past several generations.
The taxpayer simply cannot continue to pay the interest on this credit card-like debt. I was shocked when I received my last property- tax bill. It decreased by less than 3 percent after winning an appeal that lowered my valuation by 15 percent. You do the math!
Many complain of the continually rising taxes while property values decline, but they would escalate no matter what barometer was used in assessments.
What is the largest expense to any organization, whether it be a corporation or a governing body? Labor! Collective bargaining agreements are at the root of this crisis. Instead of teachers going on strike for a raise, they should graciously accept a 20 percent decrease. Perhaps then they wouldn’t be viewed by many as selfish, manipulative bullies.
Not only is this pension crisis severely impacting the taxpayer, but anyone recently accepting public sector employment. You, Mr. Kerth, are spending their money as well as what you funded into the system.
As it stands now, the pension system is little more than a glorified chain letter, with those end links waiting for their fair share, while likely having to accept pennies on the dollar. And you, as a responsible American, should be ashamed of that!