Posted on 08/05/2020 6:43:45 AM PDT by AT7Saluki
“Raise your own taxes to cover the losses.”
We live in Illinois for the time being. Roughly 60,000 people a year are fleeing. The Collapse, when it comes, is going to be spectacular.
L
The problem with any of these union employees is that you can not get rid of them until they retire.
Then you have to still pay their pension. The state of IL can not declare bankruptcy.
I can see several states like IL going to junk bond status.
I would think we will see states and municipalities in IL and other states default on bonds.
This is your new, lower salary. The old one will be restored when our revenue streams get back to normal. I got a 10% salary reduction in 1984 because of the Bell breakup.
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Looking at about a 20% lower gross at engineering(day) job and almost 90% lower gross on the 1099MISC for almost non-existent band gigs(hobby) this year compared to previous.
Thankful to still be employed at an “essential job”, petrochem plant making plastics and bleach. At 64 going on 65 AND working before and during all of this “CCP-19 bio-Bug” event...as have my 3 grown “essential worker” sons, I’ve a REAL hard time feeling any empathy for folks whining about “going back to work will be so bad, scary, and dangerous”.
Disclaimer:
Been taking T-cell boosting supplements for years, lots of D3, vitamin C, zinc, quercetin, and others. My local doc knows of HCQ and KNOWS that HCQ+zinc+Z-Pak(or doxycycline) work if started very early.
Illinois State Government cut their budget??? Funny - they keep giving themselves raises and free benefits.
Cut welfare programs
“Then you have to still pay their pension. The state of IL can not declare bankruptcy.”
The problem here in IL is that all these pensions are guaranteed under the Illinois Constitution. They cannot be “diminished or impaired” by the State. Federal bankruptcy is the only way out for a municipality.
Chicago is pretty much at Junk status now. The State will not be far behind.
As I said earlier, when the wheels come off it’s going to be spectacular.
L
There is never a reason for a state to worry about money, sadly. For instance, there is always someone who owns property. Even if you walk away from your property, the state has a tried and true method to take it over and sell it off to someone, who now starts paying the taxes you chose not to.
All of your assets ultimately belong to the state in which you choose to live. However, you have the choice to defund your state of your assets by permanently living in another state.
A constitutional amendment can undo that, but good luck getting that done.
Florida & SC are full of people from NJ, NY, MA, IL, MI all living off of their state government pension checks from their former northern states.
I knew a guy who worked at the lumber yard in the Chicago area. He bailed out last year for Florida as soon as his wife’s teachers pension kicked in. He was never coming back.
The politicians are not concerned about the 40 million people who were not gov’t employees losing their jobs because of the democrat party actions.
I hate to see others lose their jobs who did nothing wrong.
I want the democrats party officials though to lose their jobs and homes and all their money.
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