IPI Launches the “No Pension Bailout” Movement

The Illinois Policy Institute launched “No Pension Bailout,” a national movement to block Congress’ attempts to rescue failing state and municipal pension plans. U.S. Sen. Jim DeMint (R-S.C.) joined John Tillman, the institute’s CEO, in presenting a study, proving any bailout would punish responsible states and reward reckless ones. The study shows the winners and losers by state and county.

“For decades state legislators have endeared themselves to public employees with pension promises … based on accounting methods that would put any business in jail,” said DeMint, adding that blocking any hope of a bailout forces state politicians “to deal with this problem immediately.” Tillman added, “In Illinois, we had a $7 billion tax hike that was supposed to solve all our problems, pay all our bills, and instead it all went to pensions.”

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