Letter: Stop spending money you do not have
I am writing you to express my sentiments regarding state and local budgets, and more specifically pending legislation regarding the LGDF (Local Government Distributive Fund).
My first piece of advice is that the state should stop spending money it does not have. Toward that end, terminating the LGDF would be a perfectly fantastic idea. I am in complete favor of it.
Our local officials at Elburn are whining about the potential loss of this revenue, but the town completely ignores the fact that it is a proliferate waster of public finance. It is your duty to not only balance your budget but to expressly message these other entities that they need to stop wasting.
I would like to remind you to terminate all the public employee pensions, including teachers, and replace them with something far more practical, such as retirement eligibility no earlier than 70 years of age and with benefits not to exceed a) 40 percent of the last 10 years of average pay and b) not to exceed the NPV (net present value) of their contributions and if possible to convert them to a defined contribution plan.
Lastly, the number-one priority should be an 80 percent reduction in health care cost. All procurement choice should be eliminated for public healthcare beneficiaries unless they should elect to take a reimbursement at the public negotiated rates regardless of the billed cost. I would like to see you establish a self-administered reinsurance pool with a $10,000 deductible and premium far closer to the true actuarial cost of $400 per family of four, as opposed to the insured premium of $4,900 … and I would like for the state to stop imposing mandated healthcare liabilities upon me.
Jeff L. MacKenzie