Jim Tobin Opposes Federal Bailout of State Government

From the Taxpayer Education Foundation:


“Joe Biden, the crazy uncle who escaped from the attic long enough to get himself elected, is proposing massive subsidies for Blue States that are circling the drain,” said Jim Tobin, president of Taxpayer Education Foundation (TEF).

Jim Tobin

“A major element of Biden’s plan is a $400-per-month federal supplement to state unemployment payments, which will continue through September, a price tag of $350 billion.”

“Biden is also proposing $170 billion to assist in reopening schools and a $350 billion bailout of state and local governments. Biden has also called for raising the national minimum wage to $15 an hour.”

“In the State of Illinois, which is functionally bankrupt due to its lavish, gold-plated pensions for retired government employees, Ill. Gov. Jay Robert ‘J. B.’ Through his minions, Pritzker promises to increase the state income tax 20% now that voters have crushed his taxpayer theft amendment at the November polls. In addition, he is counting on Biden’s tax dollar giveaway.”

“Biden’s bailout proposals, using taxpayer dollars from across the country, would rescue Illinois’ floundering government pension systems and encourage Springfield Democrats to keep increasing the payouts to retired government employees living the good life at taxpayer expense.”

“There are 148,654 Illinois government pensioners who will receive more than a million dollars in pension payments over a normal lifetime. That only represents the six statewide pension funds. There are tens of thousands more government pension millionaires in the Chicago pension funds and the hundreds of local police and fire pension funds.”

“The average pensioner gets $1.5 million in lifetime pension payments, and for every $1 he or she deposits to their own pensions, taxpayers are forced to pay $4.74. Government employees don’t have to work very long to qualify for that $1.5 million; the average number of years employed is only 20.1, and the average age of retirement is about 61.”

“In thousands of cases from the State Employees Retirement System (SERS) and the Illinois Municipal Retirement Fund (IMRF), pensioners also receive Social Security pensions.”

“Until taxpayers tell Springfield Democrats ‘Enough! No more!’ and their representatives in Congress to oppose the Biden bailouts, no taxpayer’s nest egg is safe.”


Jim Tobin Opposes Federal Bailout of State Government — 8 Comments

  1. A chicken for every pot.

    Hey everybody, today is
    Jumbo’s 56th birthday.

    Bailouts start tomorrow

  2. Time for Red states to bail out. Like when Slovenia ditched Yugoslavia.

  3. Only a taxpayer bailout can save Jumbo Boy should
    he decide to run for reelection.

    A 20% income tax increase will mean the end for Jumbo Boy
    and Illinois as people and businesses stampede the exits.

    Rest assured that Beijing Biden will come through with the money thereby
    saving Jumbo Boy’s incompetent corrupt fat posterior.

  4. The trouble is that even after the bail outs nothing will change and the money pit will get deeper.

  5. Per


    “The percentage of workers in the private sector whose only retirement account is a defined benefit pension plan is now 4%, down from 60% in the early 1980s. About 14% of companies offer a combination of both types.

    Meanwhile, the few employers that still offer traditional pensions – typically industries with a strong union presence, such as the airline and auto sectors – have been working overtime to cut deals to either reduce or eliminate their plans.”do

    There should be no federal bailout of Illinois pension funds. Illinois created their own mess and needs to solve it within Illinois. A starting point is the elimination of all COLAS and a cap of $80K/year on all pensions until such time that the funds are solvent, 100 percent funded.

  6. Will the other states stand for it?

    That’s where the US Senate comes in.

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