Rock Island Today

Bill Fawell, the Republican candidate for the U.S. House seat in the 17th District, believes that the 1 percent tax hike proposed by economists at the Federal Reserve Bank in Chicago is nothing short of insane.

"Public pensions are the result of collective bargaining in public unions, which even (American labor union leader) George Meany and (President Franklin Delano Roosevelt) declared to be an impossible situation and cannot be allowed because it doesn't work, with FDR being far more draconian declaring that public employees cannot even strike and that a public occupation is not a right, but a privilege," Fawell told Rock Island Today. 

"Now we have an insolvent problem, which is the product of an impossible arrangement not only in Illinois, but across the nation. In fact, public pension shortfalls are estimated to be over $1.5 trillion nationwide. The only solution is bankruptcy because, well, we're bankrupt."  

Author Bill Fawell, running for 17th District U.S. House seat

Fawell explained that history defines a governmental bankruptcy as a "revolution," and this revolution only has two potential outcomes: liquidation or reorganization.

"Personally, I prefer reorganization and this is the driving theme in my campaign," Fawell said. "The only answer is for Congress to provide for the states to declare bankruptcy and renegotiate their debts despite state constitutions. The only solution is for a baseline pension to be provided by the state growing only until there are no more funds left.  This way everyone gets a baseline return, but those reaping (or do you say raping) over $40,000-$50,000 will have to take a haircut, depending upon what is in the public pension wallet and not the wallet of we private citizens."

Fawell said the proposed tax hike will only injure the younger generation more than they already have been hurt by the poor decisions of local government.

"As far as the national monetary crisis the Federal Reserve Bank has created across the United States, we can see that home ownership has been pushed to the oldest members of our society, but it is these very much older owners in our society who are refinancing in order to live, while the younger generations who can't afford to buy a home (or raise a family) stew and boil waiting for their lives to become entirely intolerable," Fawell said.

Fawell explained that it is because of this unfair situation that he is bolstering his campaign by what he calls "Liberty Legislation," which includes terms limits and two pieces of legislation that have already passed the House two times -- The REINS Act and The Federal Reserve Bank Transparency Act.  

"These two Acts will force law-making powers back to Congress including the monetary policies of banking in America," Fawell said.