What’ll happen here...probably in 2020, there will be enough anger within the public to force a law change that towns can declare a bankruptcy, and then the pension episode will collapse. The pension will end notifying the holder that he lost 60-odd percent of his pension.
I know it’ll anger some folks to wake up and see $30,000 a year gone from their pension...but they were led around in a fraudulent way by the state and politicians.
Harvey is in the south suburbs of Chicago.
Pension liabilities are like a house of cards. Collapse is going to happen in many places. It’s just a matter of time without drastic changes happening.
What happens when ALL of the taxes go towards pensions?
What is the point of government is it does nothing except collect taxes to send to retired government workers on the beach in Florida?
As I recall going to a golf outing in Flossmoor next door to Harvey, Harvey was ok in the 1980s; I guess it went far downhill fast.
Well the high taxes in Illinois forces business’ out. I briefly considered moving back to my home town in Illinois but one look at the taxes in the communist state, I said forget that.
“State law prohibits municipal bankruptcy.”
That’s nuts.
Dems and unions colluded in an election fraud scheme - plain and simple. At the same time they defrauded taxpayers - now the pensioneers will suffer.
This ludite was born and raised in Harvey, IL.
At the end of the day they will all get a Federal bailout and you know it.
Most Republicans in Congress will vote for it. We bailed out the world’s biggest banks in 2008, so why can’t we do it for the Little Guy? Yadda yadda.