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Date Posted: 8:10:43 4/09/23 Sun
Author: Jasper
Subject: We need bigger government. More and more and more, it's the communist way.

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Unlivable Hellholes
With such a massive tax burden going to fund public pensions the rest of Chicago’s public services go neglected. For this reason, and many more, Chicago and other big blue cities have become unlivable hellholes.

According to a Municipal Market Analytics analysis of Bloomberg data, more than 100 city, county, state, and other governments borrowed for their pension funds in 2021. This is twice the highest number that did so in any prior year.

Standing behind these pension funds are state and local taxpayers – that’s you, acting as the ATM. What’s more, when the investment returns of public pension funds fall short, governments are primarily responsible for filling the void. This means cutting other spending and services or increasing taxes.

Indeed, covering pension fund obligations is a massive drag on state and local government finances. And while insolvent cities can declare bankruptcy and welch on their obligations, states as a matter of federal law cannot.

Thus, taxpayers will continue to be called upon to pay more and more to cover the pension shortfalls. In Illinois, for example, 25 percent of general tax revenues pay for pensions.

Quite frankly, it’s obscene to force private sector workers having no pension to bailout the pensions of public sector employees. The fact is there’s a legion of public workers out there who’ve been promised a retirement that’s no longer affordable. These grand promises must be broken.

You can witness the effects when traversing through just about every big city in America. By repeatedly reallocating spending from much needed services, the present and future conditions of cities and municipalities are being transformed to unlivable hellholes.

https://economicprism.com/bondage-is-cruel/

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