Before or after the celebratory stogie?
Posted on 12/05/2010 4:08:04 PM PST by george76
Illinois Constitution raises questions about who's on the hook if they become insolvent.
With some city pension funding levels dropping below 40 percent, a question arises that seemed unthinkable just a decade ago: If a pension fund runs out of money, who pays for the retirement security promised to city workers?
The answer is complicated by changes to the Illinois Constitution in 1970 that made retirement benefits for public employees a contractual guarantee that could not be diminished.
Union leaders say pension benefits are guaranteed not only for retired workers but for those still working, and that if a fund went under, the city would be required to find a way to make the fund whole — by levying more taxes, borrowing, cutting services or all of the above.
(Excerpt) Read more at chicagotribune.com ...
Just steal private retirement savings.
I’ll tell you who they are going to TRY to put on the hook for it... I’m seriously contemplating — if the Fed’s do start bailing out states like California, New York, Illinois, and Cities like Chicago — just refusing to pay income taxes any longer. Tax revolt. Of course, my wife would probably leave me. I would probably go to prison, if the IRS didn’t find a way to raid my house and get rid of me outright, so they could just confiscate all my stuff....
Oh, did I type that out loud? How long before the “Tea Parties” actually DO start throwing LITERAL tea in the bay, or REFUSING to pay the fees and taxes, or buy the stupid government “stamps?” When will the insults and injuries be ENOUGH!?!
You're a funny guy!
yes but when they were responsible for pensions they let the mob in!
My cousin is/was President of an Illinois teachers union. The state raided/spent it.
Seems Illinois/Chicago don't even give out IOUs. They just pay some bills, of their choosing, as revenue allows.
Yes, he blames Blotto and the crook legislators.
Oddly, he does not blame his pension fund managers. Evidently, they have no authority over what the legislature does with the funds. Taxes come in, the legislature doesn't put it in the pension funds.
yitbos
Are instances like this ever discussed with the citizens of that state? Like, do the people in the state have a forum to discuss this abuse of power? This is robbery and/or misappropriation of funds. Are people so stupid that they sit back and allow this to happen? Crimeny. . .
All Chicago pension money can be paid in Zimbabwe dollars.
Before or after the celebratory stogie?
Fat Tony kills Mayor Quimby?
I *am* society's only protection...
And so are you.
Thursday’s Glen Beck show covered this. California, Illinois, New Jersey, and New York are all in this situation, and will all be bailed out so long as they end up insolvent while King Hussein is in power.
...which will mean further devaluation of the dollar.
Your analysis may be true for federal obligations, but certainly not for those of the states or local governments.
How will BHO bail them out?
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