Posted on 10/01/2012 9:08:25 PM PDT by chessplayer
Illinois is one of the public union states that will one day need a federal bailout because of their pension shortfalls. Governor Quinn has now made that official by pointing out in his budget proposal that, “significant long-term improvements” in that debt will come from “seeking a federal guarantee of the debt.”
Excerpt:
Now that Chicago’s children have returned to not learning in school, we can all move on to the next crisis in Illinois public finance: unfunded public pensions. Readers who live in the other 49 states will be pleased to learn that Governor Pat Quinn’s 2012 budget proposal already floated the idea of a federal guarantee of its pension debt. Think Germany and eurobonds for Greece, Italy and Spain.
Sooner or later, we knew it would come to this since the Democrats who are running Illinois into the ground can’t bring themselves to oppose union demands. Illinois now has some $8 billion in current debts outstanding and taxpayers are on the hook for more than $200 billion in unfunded retirement costs for government workers. By some estimates, the system could be the first in the nation to go broke, as early as 2018.
Wonder how the governors of other states that have taken fiscal responsibility for their spending or “right to work” states will enjoy subsidizing undisciplined public union states like Illinois and California?
I take it that this means US citizens in other states will be footing the bill through the fed for Illinois pension debt?
i believe that would be the case. even citizens without pensions will be helping fund the pension liabilities of this continuing criminal enterprise.. er, state.
California is next. New Jersy would be too but for Christie and I’m not so sure that he wouldn’t try the same stunt too.
You bet.
And you know what the justification will be?
We hear it all the time now.
... oooo we bailed out the banks so why not _____.
How many freaking times do you think we’ll hear this?
Thanks (mostly Dem) Congress and Bush. Great going. Moral hazard to infinity.
What part of the EU failing don’t they understand?
Socialism, Bastiat, legalized plunder....very sharp man, and he saw it almost 200 years ago.
Well let’s just have all the states declare bankruptcy, emergency, whatever, and go on and bring this thing down amd be done with it. Then the left will have to show their totalitarian faces once and for all, and we will see if enough Americans have the will our forefathers had to sacrifice for our freedom.
“How many freaking times do you think we’ll hear this?”
I’m not sure they’ve labeled a number that high yet.
We have a winner.
Cut through the incremental crap. All or nothing. Screw the slow death.....I’m with you.
Someone...anyone...put these parasitic bums in prison.
Dear Governor Quinn,
HELL NO! and/or DROP DEAD!
“parasitic bums”
Are we really sure there hasn’t been an alien invasion with the Goa’uld in control?
That’s where I am too.
Let it burn down.
Quite a few red states have passed legislation similar to Arizona’s, and already the illegal population in those states has started leaving. The states who support “sanctuary” and ignoring our immigration laws aren’t happy about this-it’s never enough that they do what they think is “right”, so must everyone else. Plus they know those illegals will be headed to them, obviously. They aren’t going to let us in those states off the hook that easily, they will find some damn way to make sure we pay our “fair share” for their little experiment in flouting US law and replacing American voters with more “gibsme” voters.
Ugh. Post #16 to you and Puckster.
From one Neanderthal to another.....UGH back!!!!
Too corrupt to fail.
Meanwhile, major employers have made lots of noise about moving to more business friendly states, thereby taking away tax revenues and jobs in an already depressed economy. So far, all Quinn and the Donkeys have done is impose more regulations [costs] on top of last year's tax hike.
Candidates looking seriously at new homes (outside IL): Caterpillar (Peoria), Boeing Corporate (Chicago), State Farm Insurance Headquarters (Bloomington), Sears Holdings (Chicago) and the Chicago Mercantile Exchange (CME Group).
The CEO and founder of Jimmy John's Gourmet Sandwiches (Champaign) announced he's moving to FL along with the JJ Licensing Group. He announced that JJ will be completely out of IL in 2 to 4 years. Both IN and TX are heavily lobbying JJ’s to relocate to their states.
Meanwhile in Northern IL, several small to medium sized businesses have relocated across the border to WI. These Donkeys running IL just do not have a clue and it is a race with CA to see who can be the first state to crash and burn.
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