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| Illinois Governmental Pension Obligations |
The events of the past few days show me that the political parties may not be capable of coming up with a workable solution. If that is in fact what happens, we are looking at a calamity necessitating a state bankruptcy filing sometime in the next few years. The state will probably take all of the pension obligations (state, county, city, park district, fire district, schools, etc, etc, etc and throw them into the lap of a US bankruptcy judge. That judge will make
everyone take the 40 to 50% haircut necessary to make the system work and that will be the end of the crisis. But it will also be the end of many things like cities, villages, counties, park districts, fire protection districts. The same thing happened in New York City in the 1890's. Chicago is going to have metropolitan government run by a Federal judge, not idiots.
Time is running out. I am told that Quinn will soon call everyone back to Springfield in a last ditch attempt to avoid meltdown. Drop dead date is June 2013.
Even if they make people take a 50% hit they still will find a way to pilfer more from the taxpayers.
ReplyDeleteand if that happens it better include the politicians pensions also,and if not well i think you know the rest.
ReplyDeleteUnfortunately this will probably be the outcome - because NO government employee is willing to make ANY sacrifices NOW and wants to live recklessly and wants our city, state, and federal governments to ignore the reality of impending doom. Teachers are talking about a strike! Are they insane? Apparently they are drinking all the left wing propaganda from their socialist unions who are simply agitating. Their whole mantra is NEVER admit ANYTHING you have is decent or acceptable. We can lay all the blame wherever we want but it does not change the fact that we are broke! I talk to govt workers all the time and they simply breeze past that most salient point or ignore me when I mention the 800 lb gorilla in the room. The taxpayer cannot take any more. The private sector has suffered for almost four years now. Time for the public sector to do the same. If the govt unions dont accept reality NOW - the governments will go bankrupt and all bets will be off! Workers of the world - or the state - unite to the reality!
ReplyDeleteYep. We should do what they did in England. Starve the beast. Sure worked there. The real question is why are we broke? Because all of our "socialist" workers deferred pay to pension plans? Really? I say let the rich benefactors of public largesse -- the Madigans, the Lipinskis, Monique Davis, the Burkes -- explain where it went. They've been running the show for years, decades. Let them take the first pay cuts. But first let them explain. Private sector suffering? Please. Look at what corporations and the rich USED to pay in taxes and what they pay now. Why should they pay anything when the middle-class taxpayer picks up the tab without complaint, and blames their neighbor when things are bad?
DeleteThis is B.S. Blogger is blufing. This will neverever happen. They have the money. They just dont want ta spent it.
ReplyDelete"They" have the money? Where?.... We know that they piss it away on Link Cards, free health care for illegal kids, free cell phones for welfare people....but "they" have spent it all! "They" gave your money to the welfare inner city and hillbilly losers! "They" are the Democrats, and they STOLE your money to give it away to lazy good for nothing wastes of space. Then they were repaid with their votes..."If you promise to take from Peter to give to Paul, you will almost always get Paul's vote". The gravy train is over for everyone.
DeleteThe money is gone. They spent it all based upon overly optimistic economic projections. I would bet that a forensic accounting would show that Illinois governments have only 30 to 40% of the money necessary to fund their pensions.
DeleteState bankruptcy is an interesting concept. From a legal standpoint, the state will have to give up its sovereignty and submit to the jurisdiction of the United States government. It would revert to a territory and won't be a state any longer. During the period of bankruptcy, a trustee would be named. That trustee would be responsible for everything. Every unit of government, every court, would be subject to the will of the trustee. In such an event, pension obligations would be the least of our problems. There are contracts, bonds, etc which would take priority. You can also bet that the people that caused this problem will be prosecuted. All these double or triple pensioneers need to be concerned. Just because their acts wre legal under the old state law means nothing. In bankruptcy law, equity plays a much more important role and the court will strive to enforce it.
ReplyDeleteWhen the bankruptcy was over, I would presume that congress would recreate the state or it could create 2 or 3 states.
keep dreaming nitwit,never gonna happen!
DeleteRule number one, ACT ALONE tell NOBODY, EVER. Don't say cutesie innuendos at the bar. Plan. Make it quick and decisive. Know the risks. Do it. Shut your mouth. Repeat keep your mouth SHUT. Conscience may bother you on occasion and give you doubt about your actions. Ignore it, it'll pass. Remember you did civilization a solid.
ReplyDeleteGive your grandchildren the gift of a lifetime annuity if you don't want them to work until they die.
ReplyDeleteAsk Madigan or better yet ask his daughter the chief law enforcement of the state Lisa Madigan to provide a full accounting as to where the money is at and how much of it is left.Like that will ever happen.What does she do and what has she done?
ReplyDeleteI don't have the figures in front of me, but someone once pointed out that the state's budget shortfall is equal to the state's road construction budget.
ReplyDeleteDivert the road construction money to the budget shortfall for a year and solve the problem.
Problem is that contractors and unions would then stop donating to Quinn, Madigan, and Co.
we were told that a 3% increase in our contribution was going to be a must. now we were told this same thing back in 2000 . again I understand this will happen and I understand but will we get assurances that they will leave the fund alone? no more loans to cousins ,sons or other family members. how about no collecting of benefits until the age of 60? these pols collect after only 1 or so terms ,that's crazy. I like that forensic audit...we can not afford not to do this,
ReplyDeleteWho is the local politician that is getting 4 pensions
ReplyDeleteEddie Maloney state senator. He is only getting 3 pensions.
ReplyDeleteeD mALONEY IS NOT THE DEAD COURT FIXERS SON, JUDGE MALONEY WHO USED TO FIX MURDER CASES IN THE JOHN AT GRECOS ON 95TH ST, GIVE ME SOMETHING TO HANG MY HAT ON I BELEIVE IS WHAT HE SAID ON THE FEDERAL TAPE BEFORE INDICMENT AND CONVICTUION.
DeleteHow can I get a job with 3 pensions???????????????????????????????
ReplyDeleteu have to be related to hynes
DeleteMaloney is not the only one getting more than one pension. Lets talk about some of the others.
DeleteMaloney is the poster child for this abuse. Also I saw the guy's -------------------------------------------------------------------------------------------------------------He would vote all for it, then go to church and make everyone see he received communion. God sees all Baloney, you traitor to the Irish!
DeleteIn the times today. Since helping Mayor Rahm Emanuel turn back an effort to remove him from the 2011 mayoral ballot, Chicago lawyer Mike Kasper has seen his lobbying business boom at City Hall, records show.
ReplyDeleteKasper successfully beat back arguments that Emanuel didn’t meet the city’s residency requirement, allowing him to run for mayor.
Kasper has since seen a sharp increase in the number of clients hiring his firm to lobby City Hall and also in the amount of money that business brings in, according to disclosure reports that City Hall requires lobbyists to file.
For the period of January-June 2011, Kasper’s firm reported having 11 clients paying a total of $235,666 for lobbying work at City Hall.
In the second half of last year — the first full six-month reporting period since Emanuel was sworn in as mayor in May 2011 — Kasper vaulted to No. 1 on the list of top-paid lobbyists working at City Hall. He reported being paid more than $403,000 in that span for City Hall lobbying work — up 42 percent over the first half of the year.
That makes Emanuel’s first months in office by far the most lucrative for Kasper at City Hall, according to city records, which go back only to 2004.
“The numbers are what the numbers are,” Kasper said.
I have worked 17 yrs and can't believe I won't get my pension.
ReplyDeleteWhere does it say you wont get your pension? Also who cares that you worked all of 17 years! Wow you must be close to 45 years old .....ready for retirement already? Get back to work and take your hands out of the taxpayers pocket.
DeleteI hope all of you saved 25% of your pay like I have been doing for the last the twenty years.
ReplyDelete