The City of Chicago is bankrupt.
The pension and medical insurance funds for municipal employees is bankrupt.
The pension fund for Chicago public school teachers is bankrupt.
The County of Cook is bankrupt.
The pension and medical insurance funds for Cook County employees is bankrupt.
The pension and medical insurance funds for Cook County teachers is bankrupt.
The State of Illinois is bankrupt.
The pension and medical insurance funds for Illinois State employees is bankrupt.
The pension and medical insurance funds for Illinois State professors, state legislators, and quango agencies is bankrupt.
As of January 3rd, 2011, the 112th United States Congress will be seated and there will be no financial relief for the State of Illinois and it’s component municipal and county governments until January 3, 2013.
Between now and January 3, 2013, the socio-economic conditions in the greater Chicagoland area will deteriorate at an increasingly exponential rate, leading to a reinforcing downward spiral that will not reach bottom until some point AFTER the end of the first term of the next Mayor of the City of Chicago.
This is our reality in these United States of America, and this is the unmentionable set of facts that the Democrat machinery in Illinois will never allow to be broadcast in their mainstream media allies’ corporate outlets in the state.
http://www.chicagotribune.com/news/ct-oped-0813-pensions-20100813,0,7216817.story
Can the Illinois pension catastrophe be stopped?
By Robert Novy-Marx and Joshua Rauh
August 13, 2010
Government accounting standards have facilitated this surreptitious borrowing by grossly undervaluing the state’s pension liabilities. A true financial valuation of unfunded pension liabilities reveals a debt of more than $200 billion for the state and local governments. That is around $42,000 per Illinois household and only counts benefits that public employees can claim based on today’s pay and work history.
The April legislation that trims benefits for new hires doesn’t reduce your $42,000 debt by one penny.
http://www.chicagotribune.com/news/opinion/ct-oped-0810-byrne-20100810,0,4297678.column
chicagotribune.com
Pension check may not be in the mail
Dennis Byrne
August 10, 2010
Illinois public employees who think the state constitution guarantees that they’ll get all their pension benefits may have another think coming.
Tuesday, Sep 7, 2010
* 1:44 pm - From the Sun-Times…
A public official has to know when it’s time to move on, Daley said during a press conference. “For me that time is now.”
Daley said he’s thought about the decision for weeks.
“I’ve done my all,” Daley said. “I’ve done my best. Now, I’m ready with my family to begin the new phase of our lives.”
“In the end, this was a personal decision, no more, no less,” Daley said, declining to answer questions. “I’ve been thinking about this for the last several months . . . . It just feels right.”
Katy bar the door.
* My first thought is I never figured he’d go out while he’s held in such low regard. His lousy poll numbers, the failed Olympics bid, the parking meter fiasco, etc., etc., etc. may have individually felled a mere political mortal, but I figured he wanted to restore his reputation before departing. Maybe he figured he couldn’t. More likely it’s a cumulative thing. He broke his father’s record. His wife is ill. It’s time to give somebody else a chance.
* My second thought is just a quick wonder whom the Daley/Bridgeport remnants will back now. They’ve had a horse in every race going back a century or so.
* 2:16 pm - State Sen. James Meeks has been mentioned for weeks as a possible Daley challenger. I just talked to him and here’s his on the record statement…
“The mayor has served the city for 20-plus years, and now it’s time for him to enjoy the rest of his life. The new mayor who will take over has nowhere to go but up. Public schools are in need of overhaul. City colleges are in need of overhaul. The city’s finances are in need of overhaul. The city’s rapport with police officers is at an all-time low. For the new mayor, the sky’s the limit.”
* I’m hearing two reactions so far. One is serious worry about the city’s future, the other is relief that this long, never-ending rule is finally over.
- posted by Rich Miller
PLUS INTERESTING COMMENTS
http://thecapitolfaxblog.com/2010/09/07/this-just-in-daley-wont-run-again/