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

[Lonesome in Massachussets]

Social Security 2025. No more white privilege.

All the morons who bought into social security and government pensions as bedrock security: suckers.

They will be coming for your 401k next to patch the gaps in social security and government pensions. It’s only fair that you crackers pay up.

[LesbianThespianGymnasticMidget]

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

---

Nope.

[abb]

It's a term used in Louisiana political lingo ever since I can remember in the 50s.

Here is my effort to formally define it. I may refine it a bit more, but this is close:

Deadhead - dead·head (dĕd′hĕd′) n.

Generally, government employees - local, state, or federal.

Specifically, a deadhead has minimal job responsibilities, with little or no discernable work output or identifiable accomplishments.

Correspondingly, deadheads often have significant governmental regulatory authority that is used to interfere with productive, taxpaying citizens.

If one is offended by use of the term, chances are that individual IS a deadhead. They know who they are.

Deadheads are usually placed in their jobs as political patronage in exchange for electioneering for the winning candidate or political party.

Historically, deadheads have had pay scales that trail corresponding private industry jobs. As an offset, the deadhead enjoys an early taxpayer funded retirement (age 50 or 55), with a plan into which minimal employee contribution is required. The retirement pay scale usually matches the final working pay rate, and is indexed for inflation.

In the past twenty or so years, government deadhead pay has risen to equal or exceed comparable private sector pay, while retaining the fat pension plans.

The deadhead also has a gold-plated medical plan fully funded with taxpayer dollars, while private sector employees must deal with Obamacare. As with the retirement plan, minimal employee contribution is required.

The medical plan is carried with the employee into retirement.

Use in a sentence: “North Louisiana Oyster Inspector, the choicest deadhead job in the area, was given to the governor’s Ouachita Parish campaign manager.”

[Yosemitest]

From the articles I referenced above:

Fox News, "... A top financial official just warned 100 percent of the state's monthly revenue will be eaten up by court-ordered payments. ...
“'Nobody here in Illinois is considering bankruptcy—first of all, it’s not allowed,' said Steve Brown, press secretary for Illinois House Speaker Michael Madigan. "

But SOME HOW .... they WILL mange to blame the Republicans for this mess,
even though it's ENTIRELY THE DEMOCRATS WHO CREATED THIS DISASTER !

[Yosemitest]

Read Comment #16/

[ZULU]

The State of Illinois should secede from Chicago. Chicago is the cancer ruining it, like Seattle is the cancer sickening Washington, or Denver is the disease of Colorado. New York state would be better off without the five rotten boroughs

[Chgogal]

Yup! Obama et al. were the true deplorables.

[Fresh Wind]

Whatever happens, it’ll be a riot.

[Yosemitest]

The State of Illinois should confiscate ALL the assets of the ILLEGAL ALIEN IN CHIEF, along with that of the elected DemocRAT officials, that are Illinois residents.
That should put a significant dent in paying off their debts.

< /sarc>

[blam]

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

I expect that to happen.

Just because you had nothing to do with the fiasco doesn't mean that you shouldn't pay for it.

[Hardastarboard]

They will be coming for your 401k next to patch the gaps in social security and government pensions.

I've been saying this for a long time now. They will claim that you rich people (the ones who actually saved for your retirement) took advantage of a "tax loophole" (that politicians created), and accumulated this wealth that they are now appropriating in the name of the people.

And that's when it will start.

[JonPreston]

Our nation is in the exact same shape except we print money to cover shortfalls.

So there's that.

[Yosemitest]

Here's a reference:

thebalance.com, Updated March 28, 2017

What Is a Bail-In and How Does It Work ?
Bail-Ins Versus Bail-Outs: What's the Difference ?

[EandH Dad]

I see this as the first sign of what is to come when the burden of tens of trillions of dollars of debt. This is the real zombie apocalypse. When the welfare dollars quit coming or, worse yet, it takes the sum of all their “benefits” to cover their cellphone bill, they will come after what the people who aren’t on welfare have. The authorities (local, state, federal law enforcement) will be guarding their facilities and won’t be there to protect anyone else. Today is not the day to stop buying ammunition.

[Lonesome in Massachussets]

Don’t lose sight of the fact that many solvent banks were pressured - effectively forced - to accept government “bail outs” to make it look like the TARP fiasco was necessary to “save the economy”. It was government pressure - the community reinvestment act - that destabilized the economy in the first place.

Bwarnie Fwank wolled the dwice and we lost.

[wastoute]

I can tell you what they SHOULD do. Pass a “zip code” test. Checks to the ghetto need to keep flowing or they will riot. Checks to “gated communities” need to cease.

Of course, they will do it just the other way around...

[mewzilla]

Demand a federal bailout.

Note to federal income tax payers: INCOMING!!!!

[Lonesome in Massachussets]

Our nation is in the exact same shape except we print money to cover shortfalls.

Well, no. The government cannot spend money that it does not collect in taxes or borrow. We cannot just print money. I will grant you that "quantitative easing" is just a tiny step short of just printing money, it's like being a little pregnant.

[alloysteel]

Ideally, there should have been enough in contributions by the pensioners over their period of service, to adequately fund these retirement demands. Now, there is no do-over.

The portion if the pensions that SHOULD have been provided by the State of Illinois was stolen and spent elsewhere, a common tactic by Democrat legislators and Democrat executives. In the short term, the budget is “balanced”, but at a future cost that is rarely calculated in advance.

I suppose the rationale at the time was that the general citizenry “Owed” it to themselves, and this was reflected in the representation sent to the state legislature.

The difference between Venezuela and Illinois, is that it is still possible to obtain toilet paper in Illinois.

[IncPen]

They will be coming for your 401k next to patch the gaps in social security and government pensions. It’s only fair that you crackers pay up.

Look, some people, good people, were not able to save for their retirement. It's only fair that those who had the means contribute their fair share to those who did not...

/s