Saturday, April 02, 2011

Predatory IL Dem Legislators Bilk 35,000 Families of College Savings

Will Dem AG Lisa sue? Will her daddy Mikie bail these families out? With what? More play money at ruinous third world rates? Ha. Ha. Ha.

So egregious, even the NY Times outlines Illinois Dem shame:
Like Tennessee, the College Illinois prepaid tuition program allows parents to pay early to lock in prices for later. But many of those families were not aware until they read a recent article in Crain’s Chicago Business that their ability to lock in tomorrow’s prices today was not, in fact, 100 percent guaranteed. If the Illinois plan became unable to pay its obligations to families in or near college, the state legislature would not necessarily ride to the rescue to pay every child’s tuition. [snip]
Here’s what the Illinois program promised in its various marketing materials to parents frightened by the rapidly escalating prices (all of these statements are direct quotations).

¶Prepaid tuition programs give you peace of mind knowing you have all or part of your student’s college tuition covered.

¶A College Illinois savings plan is not dependent on stock market performance, so there are no worries about a plan lessening in value.

¶Each contract holder is entitled to receive the tuition and fee benefits as stated in the contract, regardless of fluctuations in the market.
The Tribune editorializes on the ongoing scam going after new investors.

And in the same NY Times this morning more reason the private sector works better than government:

a. Mission Accomplished
b. Shut down when the mission's accomplished

More helpful advice from the NY Times business guy:
The same advice goes for any pension plan, particularly one for government employees. You want alternative sources of retirement money, in case of some kind of unforeseen circumstance.
So all you union piggies, public or otherwise, had best start saving your own money--cuz there's not enough money in the world to fork over for your retirement at 50.

One more thing--as I heard a caller on the radio point out the other day--it is immoral to spend money that children not yet born will be taxed to pay, it is taxation without representation. Tyranny.

That's why we had the first American Revolution, hmm?

Illinois is corrupt to the core. As sensible people who can leave do, others planning it--this state is rotting.

I am nearly beyond the point of caring.

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