QUESTION: What Will Illinois Pension Recipients Do When Their Automatic Deposits Quit Coming ?

Many different sources | June 22, 2017

[Yosemitest]

Seriously, what will Illinois Pension Recipients Do when their "Checks" quit coming ?
Really !

Read these news articles:

Barron's on June 20, 2017

Illinois Financial Crisis Looks Ever More Dire



June 20,2017

COMPTROLLER MENDOZA REACHES OUT TO STATE LEADERSHIP



Fox News Politics June 20, 2017

Illinois careens into financial meltdown – and not even the lottery is safe




The Fiscal Times on June 12, 2017

Could Illinois Be the First State to Go Bankrupt?



Business Insider on Jun. 13, 2017

Illinois is facing bankruptcy and a junk-bond level credit rating crisis



Glenn "Think Tank" on Wednesday, Jun 21, 2017

Illinois Is Facing Bankruptcy and a Junk-Bond Level Credit Rating Crisis



Bloomberg on June 9, 2017

Photographer: Mark Wilson/Getty Images Illinois Bonds Fall as Budget Impasse Pushes Rating Toward Junk



InvestorMint on June 16, 2017

The 7 Deadly Causes Of The Illinois Pension Crisis



theblaze.com on Jan 12, 2011

Illinois Lawmakers Approve 66% Tax Increase

[Yosemitest]

If I were in the pension receiver's position, and I COULD take all of my funds out lump sum today, and roll it over into a ROTH I.R.A, or just to keep the funds in my hand and get it away from the state's grasp and the Federal Government's reach, I WOULD DO IT RIGHT NOW !
I would DO IT THIS VERY SECOND !

[2ndDivisionVet]

Strum a guitar on a street corner and pass the hat?

[MrEdd]

This isn’t really a problem in any way.
They will get honest jobs, as they should have done decades ago.

[Yosemitest]

Do you consider an Illinois Firefighter, or a State Highway Patrolman, or a city cop, an honest job?

[abb]

Sometimes. I know some local cops and firemen here in North Louisiana who are Deadheads of the first order.

[Yosemitest]

What about a school teacher ?

[RKBA Democrat]

This is just setting the stage for a federal bailout. The question is whether the federal government bites.

[Ken H]

Simple solution. Keep raising taxes until they get enough to pay their obligations.

Illinois should pay me for such advice!

[Jimmy The Snake]

No money busking on street corners with your guitar even if you are good.

[abb]

Here in Louisiana, the teacher’s union is as strong as anywhere. I attend all the monthly school board meetings and I’m quite familiar with that bureaucracy. Lots of deadheads at the central office. And they know how to use the kids as “human shields” to protect against any threat to their budget.

“It’s for the Kids!!!”

I’ve documented publicly how the local district spends almost double per student as the leading private school in the area - $14 thousand/student vs $8 thousand.

[MrEdd]

Not if they live in some fantasy world that pension money which was never put back in sufficient numbers will magically appear.

Everyone who paid attention at all has known this was going to happen since the sixties.

I joined the Marine Corps during the Iranian hostage crisis. I mustered out after the Soviet collapse. I understood that the federal pension system was underfunded, and I wouldn't get much out of it if I stayed in.

Yosemite, there are two (no more, no less) ways to work all these years in government and expect a pension as promised. Stupidity and self deception. That is it. That is the entire list. Even ignorance isn't on the list because people who learned third grade math have been pointing out that the system was insolvent for over fifty years.

Am I going to follow these people around so I can say “I told you so and you were too damned stupid to listen” over and over? No. But I will point it out when they or anyone else tries to make up some sob story about how they are victims of something outside of their own hubris.

[Yosemitest]

If Trump is smart, he'll tell the DemocRATS and the UNIONS who created this disaster, "NO !".

[abb]

https://lincolnparishnewsonline.wordpress.com/2016/01/21/its-for-the-children-isnt-it/

It’s for the Children, Isn’t it?
by Walter Abbott

More taxes, of every sort, local and state. Ruston Mayor Ronny Walker wants to raise sales taxes to pay mostly for a new recreation complex on South Farmerville. Our new Governor Edwards says you all have to sacrifice more for sales and income taxes to pay for the tens of thousands of state employees, their retirement, and their medical benefits.

But is the money now going to government efficiently used?

We decided to take a close look at what the costs are to educate children in Lincoln Parish Schools, compared to the cost of educating children at one of the premier private schools in North Louisiana, Cedar Creek.

According to the latest audit for Lincoln School District, the 2014 cost per pupil is $13,603, almost double the cost of 2005. Notice also that there were 20 fewer teachers in 2014 than in 2005.

See here the document.

See here the complete audit.

Compare those costs with the tuition costs at Cedar Creek of $6,290/yr or $6,570/yr, depending on grade level. Additional costs are a $650/yr student fee for books and supplies.

See here the document.

So where does the money go? It’s for the children, isn’t it?

[abb]

Here locally, some of the school district and city retireds have been getting “haircuts” to their taxpayer funded medical plans - increased deductibles, higher co-pays, etc. It took me a bit to figure out why they were singling out the retireds and not including those currently employed.

The retireds can’t quit and find another job with better bennies! They’re stuck.

If they start giving haircuts to those still active, they could move to greener pastures. Not so the retireds.

[Vince Ferrer]

If Trump is smart, he'll tell the DemocRATS and the UNIONS who created this disaster, "NO !".

He is a deal maker. He should send some people who are bankruptcy experts to look at the assets of the state and privatize everything he can in a deal to pay back bond holders. He can take the school districts, privatize them and do an IPO. Take the money and pay down their debt. Illinois can then become one of the least socialized states. Do the same in Puerto Rico.

[Yosemitest]

I have a friend who retired out if the Navy, who worked 20+ years in submarines.
After that, he got a job with Delco, a subdivision of General Motors, and worked over 20 more years and then G.M. went into receivership.
The ILLEGAL ALIEN IN CHIEF made the deal to "Bail Out" G.M, but violated the bond and stock market laws, and had his CORRUPT Justice Department enforce his settlement with the Unions.
The employees who held G.M bond and preferred stock, who were suppose to get their settlement FIRST, according to law, got nothing under the ILLEGAL ALIEN IN CHIEF's settlement.
My friend who was then about 62 years old, lost over $100.000 in G.M. bonds and G.M. preferred stocks.
They robbed him of a part of his labor of more than 20 years.
But he had his enlisted Navy retirement to fall back on.
But now his wife and his health are an issue.
He's too old to get another job.
The Union sold him out !
But the Union Bosses and the politicians got their settlement !

And the workers got screwed !

[Huntress]

What are deadheads? I’m guessing you mean something other than avid Grateful Dead fans.

[RoadGumby]

Stinkling strawman arguement. The point is, Illinois unionized public employs have, and are, abusing the system of law, governance, and taxes. And yeah, the police are doing that. And yeah, the teachers are doing that. And yeah, the firefighters are doing that.

[Hostage]

Devil is in the details.

If they are getting undeserved obscene gold-plated pensions after a small percentage of lifetime service at 90% last year of working pay, then NO! THEY ARE NOT HONEST JOBS! They are ripoffs!

[Stand W]

I don’t understand why Illinois doesn’t just print more money. Works for the Feds./s