tag:blogger.com,1999:blog-1028203279940642978.post4394822161216390021..comments2024-02-16T04:03:48.161-05:00Comments on The People's Place: Illinois Provides a Lesson in Simple Math, American Self Government and Public Sector UnionsChad Cookhttp://www.blogger.com/profile/13773369144321774651noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1028203279940642978.post-54331058366484725092015-05-10T20:02:15.648-04:002015-05-10T20:02:15.648-04:00How much are you investing each year in your 401(k...How much are you investing each year in your 401(k) or IRA? If you paid less interest on the various home and car loans, as well as credit card balances, and invested some or most of it instead, and also had the $650 annually as well for 30 years, down the road you probably wouldn't need to rely on Social Security and the generosity of future generation of our fellow Americans. Wouldn't that be a wonderful goal for all of us?<br /><br />By the way, increasing taxes $650 per person to fund public sector pensions for Illinois isn't impossible. Neither is adding an additional several thousand dollars per year to the tax bill to get our federal fiscal house in order. If we're willing to live in a slow growth and high unemployment economy where government calls the shots, we can pay all the taxes we choose to pay. At least those with jobs can.<br /><br />With respect to taxes and public sector pay and benefits, the choice is always ours to make as free American and Illinoisans as well. In any event, I believe we should pay for what we spend instead of passing it on to future generations.<br /><br />Thanks for your comment. Bob.bob cookhttp://googlenoreply@blogger.comtag:blogger.com,1999:blog-1028203279940642978.post-49210373401801691342015-05-10T14:25:35.748-04:002015-05-10T14:25:35.748-04:00"...each man, woman and child owes ~ $10,000 ..."...each man, woman and child owes ~ $10,000 to fully fund public sector pensions."<br /><br />Ja. Na und? I owe $285,000 on my first and second mortgage combined, $12,000 on my auto loan, and $30,000 on credit cards, and I am making the contractually required payments to all of my creditors without great difficulty. Quite similarly, if you amortize that $10,000 over 30 years at 5% interest, the annual payment is $650 per Illinoisan. I understand that raising taxes is politically unpopular, but please explain why increasing taxes $650 per person per year is impossible?Anonymousnoreply@blogger.com