I think they got around one by more slight of hand with the banks, but that shell game is almost over as well.
Betcha Illinois demands one when the time comes.
Posted on 10/14/2015 12:31:43 PM PDT by amorphous
By now, Illinois' budget problems are no secret.
Back in May, after the State Supreme Court struck down a pension reform bid, Moody's move to downgrade the city of Chicago thrust the state's financial woes into the national spotlight.
Since then, the situation hasn't gotten any better and despite hiring an "all star" budget guru (for $30,000 a month no less), Bruce Rauner was unable to pass a budget in a timely fashion leading directly to all types of absurdities including everything from the possibility of shortened school years to lottery winners being paid in IOUs.
Now, as Bloomberg reports, pension payments are set to be delayed. Bond payments, apparently, will still be made.
(Excerpt) Read more at zerohedge.com ...
Hey, Illinois, spell “Money.”
M
O
N
E
Y
You forgot the “F”
There’s no F in Money.
Exactly.
To paraphrase a “famous” Illinois resident (and close friend of Clown Prince nobama), rev. wright: “Their chickens are coming home to roost!” LOL
Didn’t I see someone say a couple of the Democratic presidential candidates are from Illinois?
Liberals just don’t get it I guess...7 years of Chicago politics running amok in the White House hasn’t opened anyone’s eyes?
Let’s see now...
Detroit filed bankruptcy already, Democrat run for how long?
New York, Chicago, LA, Baltimore highest murder rates, (largely gang related) all run by Democrats, people moving out of Democrat run states into Republican run ones in large numbers. (New York did have much lower murder rates, until Deblasio started running things, now they’re headed back to the top.)
I looked it up a while back, of the 10 states with the highest unemployment rates, 7 were run by Democrats. Of the lowest 10 unemployment rates, 6 states were Republican run. Best 10 economies, surprisingly split between the two.
I wonder how long before Chicago files bankruptcy...
Don’t know about Chicago, but I see more states running out of money, including the Feds. You see who they cut first, the pensioners.
Coming to a city near you also. This is starting to happen all over.
Yep, glad I don’t own municipal bonds.
Cities, counties, districts and even states have methods for promising payment in the future, it is called bonds. Fantasy promises of lifetime benefits and upwards of 80% of pay for ‘retirement’ counts just for those city councils, county government and school districts that elect to continue the promises of previous elected authorities.
To say that future elected authorities who have the sole ability to allocate funds for a budget are tied in any manner or way to the past is to surrender the entire concept of an elected body which determines budgets.
What is to stop a city council, tomorrow, to declare every budget expenditure for the next generation, and latch every future council to that budget? Sounds insane, it’d never happen, pure fantasy — that is exactly what these vapor promises of unpaid benefits is - vapor promises (or honestly, embezzlement of public funds) that NO elected body is bound to follow.
And no court can erase the budgetary authority granted by city charter. Deny the courts the ability to make budgets with unelected authority.
A couple I went to school with (in IL) were both public school teachers. They both worked until about age 52, and had so much money and great pensions, that they retired.
I don’t feel sorry for them now.
Yep, that’s a fact. And it’s going to get a lot worse if they get their way. All you have to do is look at Obamacare. Medicare is already in trouble and they’ll be cutting it back even more in the future. I read an article a while back that said 1 out of 3 medicare patients couldn’t find local doctors. I think it was 80% of doctors were dropping it altogether. and 60% of doctors on the fast track to early retirement. Fewer college students enrolling in medicine.
Who will pay the price for this? First the older generation, the ones who already have “one foot in the grave” to be crass about it. Then the rest of us. Or should I say the rest of you, since I’m looking at 60 in 2 months or so...
That’s the way of socialists. When you are running out of other people’s money to keep the masses happy, cut off the old folks first. They’re almost gone anyway, who cares right?
There was a time when our country revered its older generation and tried to help them have a comfortable retirement. Now they throw them under the bus...
The article says there is over $14.6 billion in the state worker pension pot.
However, the pension pot has a unfunded liability of about $25 billion.
The retired workers will get paid out of the $14.6 billion, but a hoped for and necessary contribution will not be made to the pension pot.
You don’t want a politician from Illinois running things (most especially if you want to enjoy a pension).
Barry the Boy King is turning the entire country into Illinois.
I think they got around one by more slight of hand with the banks, but that shell game is almost over as well.
Betcha Illinois demands one when the time comes.
There is one honey pot that Illinois hasn’t tapped yet but I expect it any day now.
Illinois does not tax retirement income.
Hillary was born in Chicago.
I'd look for an IOU in lieu of income tax refund before they actually put hurts on public retirees.
After all; it's future govt. pensioners who make the decisions and make the system "work".
Oh, it "works" alright. See this related article on the whole corrupt system:
http://www.reuters.com/article/2015/08/05/us-usa-illinois-authorities-taxes-specia-idUSKCN0QA1IN20150805
This is equally disgusting:
http://thesouthern.com/news/local/chaos-in-cairo/article_2dcf027e-e465-552a-a71f-fd8085941b6e.html
(Sorry, I can't seem to make the hyperlinks "live" when I have other HTML in the post, like italics.)
Chicago liberals need to be punished for electing rat scum the past 25 years. Raise their property taxes 200%.
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