Let me carry out this pledge to you. When elected, I will fight every day to serve you and your households. I will serve your interests and, with my vote, I will advocate to improve your lives. My strategy is simple. I want Illinois residents to be treated and not taken advantage of. You are not an ATM or bank, so when a politician spends more on nonsense projects, they can boost your taxes, depriving you and families of the money you have to pay for bills and children's school and college. It is time you have a lawmaker that cares for Illinois enough to put in with what we have and not to raise taxes time after time. My method includes:
Fiscal spending responsibility
Strengthen our credit rating
Save our pensions
Protect our crops and farmers
Expanded Senior benefits, including travel vouchers,
Reduce pharmaceutical costs
Increase drug awareness programs
Youth drop-in centers and mentoring programs
Hire more Police
Repeal anti-Police bills
Combat gangs and drugs
Veteran awareness and rebuild VA nursing homes
Root out corruption
In 2008, we had the "Too big to fail crisis” The 5 biggest investment banks FAILED because of subprime mortgages. The initial hedge fund to fall was Bear Stearns, a 100-year-old company and the biggest one in the country. Most of Wall Street depends on unions to operate. After this 3.5 trillion dollar passes, we will go into a super recession. When that happens, the first union that will be affected will be the CPD pension fund. They are only 28% funded. After a coming wave of retirements (remember, over 5,000 officers or half the department are eligible now), there will be no bailout from the state or the feds because there will be no money to do so. The pension fund will collapse. When that happens, there will be a trickle effect to other public pensions, starting with the Chicago Teachers Union. They will collapse too. Then third will be the 5 statewide public pension systems. Wall Street will soon have to drop these investments to restore confidence in the market. They will look at these pension investments, like the subprime loans in 2008. The hedge funds that operated these investments will tank because the shareholders will start selling. Overnight, their shares will tank. They will go for example, from 100 shares to single digits. That's trillions of dollars in losses. Most unions, including private pensions, invest into these same Wall Street hedge funds with a 7% return. So without a return from the market they will have to tap into their reserves. When that happens most pensioners will most likely withdraw from the pension fund to invest in another private retirement account, even willing to take a hit for it.
This day is coming not in years but in months. Remember, Illinois cannot file bankruptcy. They would need a constitutional amendment to do so. The government would have to take control of the pension funds, suspending collective bargaining. Every pensioner will be forced instead into social security and Medicaid. Their pensions will be gone forever. It would take a year for the government to restructure the pension funds. Wall Street will no longer deal with pensions to not scare away investors. So, what's next? Most likely they will have to file bankruptcy but when that happens, they will be a federal monitor, and they will control how much a pensioner will get paid, eliminate collective bargaining even though it's a state law. They can even control who is even eligible for a pension. That is why we require stiffer laws on our pensions. Because state lawmakers passed laws in which individuals that worked a couple of years can be eligible for a pension. There are elected leaders collecting 3 pensions when they retire worth over 9 million dollars. We have doctors retiring from the public pension funds that work for our universities with massive pensions. Currently, we are paying most of our taxes just to cover our pension funds. In Quincy, Illinois, 100% of their taxes go towards their fire and police pensions. That is why when I'm elected, I would like to do away with patronage hiring with individuals tapping into our pension funds after only a few years of work. Remember, if the public pensions fail so will the private ones will fall as well.