Washington, D.C. - U.S. Sen. Jim DeMint (R-SC) will hold a news conference tomorrow to discuss why Congress should block a federal bailout of underfunded state pension systems. Sen. DeMint will be joined at the conference by John Tillman, CEO of the Illinois Policy Institute. The news conference will be held at noon on Thursday, Sept. 20 at the Cato Institute, 1000 Massachusetts Ave., NW, Washington D.C.
Across the nation, state government pension systems are underfunded to the tune of $2.5 trillion. While many states have tightened their belts, aligning retirement promises with reality, others such as Illinois and California have failed to act responsibly. Illinois faces more than $167 billion in state pension debt, yet in the state's Fiscal Year 2012 budget book Illinois identified a "federal guarantee of [pension] debt" as one of the possible ways to reconcile the state's massive retirement debt. On Thursday, Sen. DeMint will join the Illinois Policy Institute and other experts in pledging opposition to a federal bailout of underfunded state pension systems.
WHO: U.S. Sen. Jim DeMint (R-SC)
John Tillman, CEO of Illinois Policy Institute
WHAT: News conference to oppose federal bailout of unfunded state pension systems
WHEN: Noon, Thursday, Sept. 20
WHERE: Cato Institute - Policy Center
1000 Massachusetts Ave., NW
Washington, D.C.
At the news conference, a website dedicated to the issue will be unveiled. Visit the website at: NoPensionBailout.com
The Illinois Policy Institute is a nonpartisan research and education organization dedicated to making our state a beacon for liberty and prosperity for all citizens. As a leading voice for economic liberty and government accountability, the Institute engages policy makers, opinion leaders and citizens on the state and local level by promoting free market principles and liberty-based public policy initiatives for a better Illinois. To learn more about the Institute or review our policy work, please visit: www.illinoispolicy.org.
-30-