Posted on 05/08/2015 7:36:14 PM PDT by TurboZamboni
The Illinois Supreme Court struck down the state’s 2013 pension overhaul, unraveling an effort by lawmakers to rein in benefits for the consistently underfunded public-sector system. The current pension shortfall is estimated at $111 billion, one of the largest nationally. The high court affirmed a decision in November by a state circuit court that the legislative changes violated pension protections written into the state constitution. The decision is a victory for a consortium of public-sector unions while creating a huge challenge for new Republican Gov. Bruce Rauner, who already faces a yawning budget deficit for the coming fiscal year.
(Excerpt) Read more at wsj.com ...
Chapter 9 is only available to municipalities and agencies of state. It is so defined in the bankruptcy code.
This country needs a government bankruptcy and soon. The longer it goes on, the more citizens will lose any clue of what limited government is.
“the democrats in DC will see to it that ALL US citizens end up paying the retirement benefits and pensions in failed democrat states like IL and CA and NY.”
Only if you let them.
Go Galt, quit paying the fascist beast, keep your MAGI low - then we won’t be contributing to the problem.
State should file chapter 11 to the same judge. let him reorg it.
are you dying at day 819? i’m concerned.
The problem is, “no pity” means the taxpayers will receive no pity.
States have voters, and voters can vote the wrong way with no adverse consequences except to the state's creditors.
I mean, what if I just moved into the state? What if I was born only 18 years ago?
Do I have any obligation to honor my state's antique commitments, especially if they were obtained via a fraudulent political process? Before I was born or when I was somewhere else? Or when I was in the electoral minority?
WTF? Do I owe reparations or something?
States may not be able to declare bankruptcy. But, if push comes to shove, they can and should definitely welsh!
Public sector leeches had best open 401ks!
So glad I only have 819 days left living in this shithole of a state.
So. What transpires on Zero's 56th birthday (2017-08-04)?
So instead, the whole state is circling the drain. Good-by Illinois.
Gov. Rauner has previously proposed some cuts, and the howls of dismay have been something to behold. We “ain’t seen nothing yet”.
Interestingly, Rauner has commented in support of the court decision. He must be a real masochist.
Propose MAJOR cuts to the state’s upcoming budgets and explain that those cuts (which include disposing of several state departments and their employees) is due to having to honor those Public Sector Pensions. Leave no stone unturned when making those MAJOR cuts. Might see some changes when that happens.
This will just hasten the inevitable collapse.
If it is now mandated that spending continue at unsustainable rates, the outcome won’t be good. BUT it will give us an opportunity to rebuild, after the collapse. God willing, enough of us that remember and respect the Constitution will still be around.
“So glad I only have 819 days left living in this shithole of a state. “
That’s how I felt when I escaped Mexifornia. I felt nothing but relief seeing it in my rearview mirror.
Will that be when you retire? (Since you have a set date, I’m assuming something of the sort).
We just up and left. Going Galt. Waiting around for a new job in the area we want or waiting even longer for retirement could’ve netted us being trapped with all the liberals and illegals when everything collapsed. PLUS, we wanted a new happy simple free life before we were too old to enjoy it. We went out on a limb, but so far - it’s working out.
AND we’re not paying into the corrupt fascist system any longer. If one have keep their MAGI low enough, with the standard deduction and exemptions, taxes will be minimal.
You couldn’t find a source that didn’t both require mere excerpts AND had a pay wall?
Well I would rather they cut useless services and departments then have the tax payers do it. There is so much fat in all agencies including the military that if we had a “let’s breath for a day” to go over everything, we could easily cut at least 35 percent of all departments in the entire government without notice to anybody. Of course we will never do that and just continue to take from those that have already given their lives to the job they have. I think you immediately stop all pensions for every single person starting tomorrow but those started today are getting what was promised on the day they started or should be.
http://www.twincities.com/news/national/ci_28081161/ill-high-court-rejects-pension-overhaul
http://www.nytimes.com/2015/05/09/us/illinois-supreme-court-rejects-lawmakers-pension-overhaul.html?_r=0
http://www.americanthinker.com/blog/2015/05/il_supreme_court_strikes_down_pension_fix.html
http://www.latimes.com/nation/la-na-illinois-pension-20150509-story.html
Rauner wants a state constitutional amendment to give him the power to change these benefits. He understands that the decision comports with the current Constitution, which forbids the legislature from reducing or impairing the pensions of state workers. The unions pushed to have the constitution amended in the 1970s.
Actually it is probably part of the overall plan for the Federal Government to get rid of the states. If they can get a majority of the states in a state of bankruptcy and then “come to the rescue with a bailout”, then they will own and control them. Besides the public union crime organizations in the states, the Federal Government mandates all kinds of expenses down to the states through laws, regulations, and “welfare” gifts. When you owe someone, they own you.
Ha ha...nope. I could make a joke about not being able to see me...in the dark..lol
Freegards
LEX
Yes. I'll be 55, and my youngest son will be out of High School. I've always planned on retiring at 55 and managed to save & invest enough to do so.
If I have my way, we're headed to more socially, economically and politically friendly Texas.
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