No doubt you read the recent newspaper article which discussed the Chicago pension plan and how it will be worthless by 2019. Guess what people. The State of Illinois pension plan is not far behind Chicago. Neither are the pension plans for many of the units of local suburban government. A lasting testament to the management abilities of leaders like Daley and Blago. These pension problems can only be fixed with massive (MASSIVE) tax increases. The first of these massive increases will be coming soon when the state legislature reconvenes. You can expect a 25% increase in the state income tax right away.
I wonder how some of our prominent 19th Ward political families are handling this crisis. I'm not talking about the cop that put in 32 years or the garbageman that did 28 years. I am talking about the pay rollers who have accumulated (or are in the process of accumulating) 2, 3 or 4 government pensions. I am in the process of researching some of them right now. Chances are that you aren't going to be happy with my report.
In the meantime, tell me what you think about this latest crisis. What should we do now?
500 layoffs coming for the cfd,houses to close,taxpayer houses will close,the whole system will fail in 2 yrs,guns and ammo for your protection!this is a depression.
ReplyDeleteOne public pension per person (mope) -- minimum retirement age of 55 years -- less than 20 years of service earns a lump-sum payout -- 30 years service yields a 50% max pension -- o/t and special employment not included in yearly benefits calculation -- yearly pension benefits, including medical, capped at lifetime maximum of $50,000 -- no spousal benefits -- cost of living adjustments can be negative -- not tax exempt -- no comp time, sick day or vacation sell-backs -- all of above is retroactive to include all current unclouted retirees
ReplyDeleteThe people that are getting 2 and 3 pensions are not real worried about the rest of us. All they want is out, right Ginger. Vote democRATic, they really care for the little people.
ReplyDelete20 and 50 is one of the worst things that ever happened to the city of Chicago. Thank Jayne Byrne for that. It allowed people to retire with age 50 and 20 years service for 50% of their exit salary for the rest of their life. It put more people on the pension fund from off the city budget so that the pension fund was never funded to have that many people drawing from the pension fund.
ReplyDeleteCan you retire like that in the private sector? No.. In addition Mike Madigan created 5 more early retirement programs, starting in the 1980’s. Making things even worse. Under the early retirement program a gov’t employee can "buy" an additional year of service by paying in the 2% they should have deducted from their pay checks for the year.
With 20 and 50 and the early retirement programs if you were age 50 and had 20 years, you could cough up to a maximum of 2% for 10 years and get the full retirement of 30 years and close to 75% exit salary.
Madigan’s programs were meant to reduce the number of city county or state employees on the payroll. Wen the early retirement programs ended each time, they would say they weren’t hiring into the empty positions. They were good to their word. They just hired into newly created positions. What a scam. (who created it?…need I say more?)
So now when we say the city has a $6oo million dollar deficit of a 6.o Billion dollar budget in the city for 2010 it doesn’t count the underfunded extent of the pension funds.
Its that whole socialist democrat mentality from the 1980. In Callifornia it’s so bad, they may be calling retired police and fire from medium to small towns and tell them that they don’t have a pension anymore.
gee, i bet most of these folks you mentioned are democrats,
ReplyDeleteRead the city's own report. It details exactly what happened to the pensions. They were healthy and funded at over 90%. During the .com boom the returns were so high the politicians decided to fund them at a lesser rate. Then came the crash. And guess what? The politicians never decided to go back to funding the pensions correctly. The workers put in their share all along. Now the politicians and tea party nuts are screaming that the workers pensions are too high. They never seem to mention that government workers don't get social security. And the old timers are not even eligible for Medicare. Government employees work all their lives paying into the system. The government does not keep up their end. Now people want to take away workers retirement funds. The taxes might go up but the workers will take the biggest hit. Here's a link to the City of Chicago report. The commission actually did a good job putting it together. Only cost a million or so.
ReplyDeletehttp://www.cityofchicago.org/content/dam/city/depts/obm/supp_info/CSCP_Final_Report_Vols1-2.pdf
The politicans (GOP or Democratic) will always find ways to take care of themselves. Time to throw the rascals out!!
ReplyDeleteOne of the problems is the inequalities in property taxes paid. Why should the owner of a Georgian at 105th and Springfield pay $3100 in property taxes when the owner of a similar Georgian at 93rd and Justine pays only $1100?
ReplyDeleteCollect everybody's fair share and the problem is solved!
There are a dozen or so families in the 19th ward where every family member is on the payroll. More than a few family members are getting 2 or 3 pensions. They need to be exposed.
ReplyDeletePerhaps readers would like to look at the taxes paid by some of our fellow Chicagoans.
ReplyDeletePIN #20-31-305-002-0000. Nice Georgian. Less that $100 per year with senior exemption and freeze.
PIN #20-31-307-045-000. Another nice Georgian. Less than $400 per year with senior exemption and freeze.
PIN #25-05-317-028-0000. Another nice Georgian. Less than $1100 per year with homeowner exemption.
Take a look at the Cook County Treasurer's website. Why are we paying so much while others are paying so little?
thats true if firehouses close it will be the ones on the west end of the 19th ward[eng 92].and yes they may not get that many fires but what if,and all the taxes we pay what do we get one police car and now close the firehouse,wtf!
ReplyDeleteI think it's obvious that the city has made some commitments that it can't keep. Maybe the only way out is bankruptcy.
ReplyDeleteif they file for bankruptcy then all of our pensions are out the window.
ReplyDeleteWith a bankruptcy filing, all pension obligations are rescinded. It may be the only way that makes sense.
ReplyDeletepension obligations>has the city been living up to that for the last 20 yrs, no but the workers have.thanks to dickhead daley and all the other asshole hacks for not doing the right thing,bitches.
ReplyDeleteDart has officially chickened out. No big deal. He would help anyone ever. Wouldnt even give you the time of day. Don't worry some type of deal has been made. Dart won't be sheriff much longer.
ReplyDeletelok slike we are going to get Emanuel crammed down our frigging throat.
ReplyDeletemake no mistake about it dart is taking orders from the second coming [obama, the long legged mack daddy] rahm will run unopposed mark my words.
ReplyDeleteWould you want to take over the helm of the Titanic after the ship hit the iceberg?
ReplyDeleteOk arm chair lawyers...can anyone file suit against unfair and inequitable taxation in Cook County?
ReplyDeleteI stood outside walgreens every saturday and outside 3 bears games getting petitions for dart and oshea. then he decides not to run? what a scumbucket.
ReplyDeleteThe bankruptcy filing will go like this, all union contracts are void.The new contracts will take a 25% haircut. All pensions will take a 40% haircut. The sooner this is done, the better. You can expect this bankruptcy filing right after the new mayor comes in.
ReplyDelete