Posted on 10/27/2012 10:07:43 AM PDT by Kaslin
Still, i can show you an interstate interchange that connects a major NS national thoroughfare with Veterans Parkway in Bloomington IL that looks as bad as anything in Chicago.
The Democrats left it unimproved for decades, and every campaign where a Democrat ran for the legislature or Congress he'd say 'I can fix this if you vote for me', and they'd vote for him, and it wouldn't get fixed.
Sometimes the color depends on the aggregate mixed into the mortar ~ PA has what I've always taken to be dark violet sidewalks ~ and, of course, PA has a primary layer of accessible shale and limestone that is violet ~
Here is that urban planning article that details Chicago’s precipitous decline. It’s called, “Second-Rate City”:
http://www.city-journal.org/2012/22_2_chicago.html
Illinois has civil unions and is working hard to legislate homosexual marriage. Illinois has one of the largest abortion mill in the United States. Illinois leads in STDs, unwed mothers, violence, corruption.
SIN is the underlying problem in Illinois.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven, and I will forgive their sin and will heal their land. 2 Chronicles 7:14
I love it! When Romney comes into power, there will be NOTHING too big to fail. Even rat states.
we lived in the best part of downtown Chicago on the Gold Coast and the roads and streets had HUGE POTHOLES even though all the streets have beautiful trees and flowers that are changed out 3-4 times a year (paid for by the businesses and condos they are in front of) but the actual rods were HORRIBLE!!! WHERE”S ALLL THE MONEY GOING???
Plan “A” - Reelect Obama.
Plan “B” - Scream racism.
Put on the popcorn —
I’m in the Finance biz. I seem to recall that back in about 2002, the State of Illinois floated bonds of 10 b to borrow money, invest, to make up for the shortfall in pensions. So, it might just be worse than you think, if you aren’t including debt that is associated with the assets.
Imaging that, Illinois borrowing money, to invest in the stock market, because they are SOOOO far behind in pension funding. So, not only do the tax payers pay taxes do fund the pensions, but they are on the hook for borrowed money, and need to pay interest on that money...
Sadly, I doubt that Illinois is the only state to have done this desperate move.
That's what sunk New Orleans. There was plenty of money to maintain the levees, but the separate levy boards used the funds as their piggy bank for family and friends (common in all liberal-controlled communities).
Thing is - the toll roads were going to take care of the roads & bridges and the gambling boats and lotto were going to save the schools. Hmmmm...
The mathamatically simple plan is to halve pension payments forever. Problem solved
Teachers Retirement System (TRS) - 46.1%
State University Employees Retirement System (SURS) - 45.3%
State Employees Retirement System (SERS) - 34.9%
General Assembly Retirement System (GARS) - 20.2%
Judicial Retirement System (JRS) - 31.0%
When I left UofIll in '91, I rolled retirement from the State Screwniversity Retirement System into an IRA. My grandmother upbraided me for that. "Oh, they'll never let that go bust."
They just might. I think I was right.
////////To close the gap with spending cuts alone would require over 25 percent across the board reductions in all spending (other than for pensions, debt service, and transportation)./////////
i like that idea best.........
could someone explain why the bond prices have not crashed?
If you were vested, it was probably not the best of ideas. You would have forfeited the states matching share and compounding until you were 55. If you weren't vested, rolling it over to an IRA was a wise decision.
“A major trend in the next five-ten years will be baby boomers deciding where to live when it is time to retire (and they don’t need to commute any more). One factor they will look at is _future_ local and state tax rates.”
That’s the tip of the iceberg. Add “national” taxes to the mix of things looked at, and you see the problem that’s brewing. U.S. dual nationals living abroad are already renouncing their citizenship to avoid the taxes and banking problems they’re encountering. As those tax issues become more relevant to those at lower and lower income levels, as they will, you see the potential problem.
One smart thing that Gov. Romney is pushing is to stop taxing Americans on a citizenship basis rather than a residency basis as most countries already do. It’s not to be nice to expats, simply an acknowledgement of reality.
If a state can not pay its debts, its government fails. The state loses status as a state: Reverts to being a non state territory, just as the pretended secession of South Carolina et al. caused the states to revert to territories. The promises of the state are then meaningless. The Federal government would then be able to appoint a territorial governor, and arrange a new state government, with a new constitution giving proper constitutional protections.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.