Of course, powerful, wealthy businessmen are behind the
outrageous and erroneous messages of Illinois Is Broke, the obverse group of
the Civic Committee of the Commercial Club of Chicago. We can assume that
some of their power is maintained by the vast majority of ignorance or
indifference of the public at large and by a manipulation of legislators, via
corporate legislation to redistribute exorbitant amounts of money to their
businesses and to themselves.
The current message of the Civic Committee is
diversionary in its attempt to shift blame for the financial woes of this State
to the public employees' pensions. It is the way of thieves “to
deflect attention from the theft of some $17 billion in wages, savings and
earnings among American workers… from speculators on Wall Street who looted the
U.S. Treasury…, [who] stymied any kind of regulation… and [who] avoided
criminal charges” (Chris
Hedges, from The Promotion of Liberty).
What the executives of wealthy corporate organizations,
such as the Civic Committee, do not publicize to the populace is that they
often pass on the burden of most of their taxes onto the average
citizen, via an exploitation of governmental policies that ironically create a
“corporate welfare.”
What they also do not publicize is their vast amounts of
corporate money in offshore bank accounts to avoid taxation and increase their
excessive profiteering – paid for by the rest of us. Another secret of
the wealthy elite is to reduce commercial accountability while increasing the
average taxpayer’s responsibility to fund their multi-million-dollar businesses
that are already subsidized by state and federal governments.
Is it possible to measure just how much money some
corporations are pocketing or to calculate how
much of their profits are the result of such “subsidy economics?” Could
it be more than the fabricated, absurd, and unproven assertion of “$30,000 per
household” that Illinois Is Broke claims the public pension systems in Illinois
cost taxpayers? What is ironic about this allegation is that
Illinois politicians and the wealthy elite created the State's financial
debacle.
Though it is impossible to provide any meaningful and
reliable figure, it is well-substantiated that the corporate shift of burden of
payment to the public and the State’s lost revenue are based upon promises that
conglomerates will create more jobs, even though their outsourcing of American jobs
disguised as “free trade” has eliminated hundreds of thousands of jobs in this
country and has eroded the tax base of the State of Illinois.
Should state governments continue to allow certain
businesses to become ridiculously rich while the rest of us become poorer and
are forced to go without needed services? The answer is an emphatic No! Should we passively watch while services are cut and
deferred earned-income in our pension plans is threatened and diminished? The answer is another emphatic No!
Pulitzer prize-winning journalist, David Clay Johnston
proclaims “that any American who forgoes wages today for the promise of a
pension tomorrow is not paid in full is a scandal. He has been robbed as
surely as if a burglar broke into his or her home…
“All [the State of Illinois] needs to do to correct this
problem is require sound financing of [the pension plans]. That
means setting aside enough money each year for the benefit each worker earned
and then [guaranteeing the funding for the pension system through legislation. Moreover, contributions and liabilities must be analyzed using correct actuarial principles]. The problem for
Illinois representatives and senators is that the simplicity of sound financing
would mean a loss of fees for investment advisers and others who get rich off
the current system. In turn, that would mean a reduction in the flow of
campaign contributions…
“To business owners and executives, the cost of campaign
contributions is chump change to the benefits of shortchanging pension plans.
Government rules permit and encourage a vicious cycle. To the extent that
pensions are not fully funded, that their true costs are not paid each year, it
means that corporate profits are inflated. Inflated profits mean that
share prices for company stock are inflated because they should represent the
profitability of companies. And inflated stock prices mean, in turn, that
executives cash in their options for more than they should get. [To not fully fund the pensions also means that legislators are stealing money from public employees and retirees so they do not have to raise taxes and cut needed services].
“Many hundreds of billions of tax dollars [across the
country] have been diverted to the rich, leaving our schools, parks, and local
government services starved for funds. Jobs and assets are going offshore,
sometimes to the detriment of not just the economy but to national security…
“It is the rich who are gorging themselves on the
government with giveaways, favors, contracts, rules that rig the economy, tax
breaks, and secret deals [and not the majority of citizens in Illinois, many of
whom are public employees with hard-earned pension plans]” (Free Lunch, How the
Wealthiest Americans Enrich Themselves at Government Expense and Stick You with
the Bill).
-Glen Brown
-Glen Brown
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