I think they got around one by more slight of hand with the banks, but that shell game is almost over as well.
Betcha Illinois demands one when the time comes.
Hey, Illinois, spell “Money.”
M
O
N
E
Y
You forgot the “F”
There’s no F in Money.
Exactly.
Didn’t I see someone say a couple of the Democratic presidential candidates are from Illinois?
Liberals just don’t get it I guess...7 years of Chicago politics running amok in the White House hasn’t opened anyone’s eyes?
Let’s see now...
Detroit filed bankruptcy already, Democrat run for how long?
New York, Chicago, LA, Baltimore highest murder rates, (largely gang related) all run by Democrats, people moving out of Democrat run states into Republican run ones in large numbers. (New York did have much lower murder rates, until Deblasio started running things, now they’re headed back to the top.)
I looked it up a while back, of the 10 states with the highest unemployment rates, 7 were run by Democrats. Of the lowest 10 unemployment rates, 6 states were Republican run. Best 10 economies, surprisingly split between the two.
I wonder how long before Chicago files bankruptcy...
Coming to a city near you also. This is starting to happen all over.
Cities, counties, districts and even states have methods for promising payment in the future, it is called bonds. Fantasy promises of lifetime benefits and upwards of 80% of pay for ‘retirement’ counts just for those city councils, county government and school districts that elect to continue the promises of previous elected authorities.
To say that future elected authorities who have the sole ability to allocate funds for a budget are tied in any manner or way to the past is to surrender the entire concept of an elected body which determines budgets.
What is to stop a city council, tomorrow, to declare every budget expenditure for the next generation, and latch every future council to that budget? Sounds insane, it’d never happen, pure fantasy — that is exactly what these vapor promises of unpaid benefits is - vapor promises (or honestly, embezzlement of public funds) that NO elected body is bound to follow.
And no court can erase the budgetary authority granted by city charter. Deny the courts the ability to make budgets with unelected authority.
A couple I went to school with (in IL) were both public school teachers. They both worked until about age 52, and had so much money and great pensions, that they retired.
I don’t feel sorry for them now.
The article says there is over $14.6 billion in the state worker pension pot.
However, the pension pot has a unfunded liability of about $25 billion.
The retired workers will get paid out of the $14.6 billion, but a hoped for and necessary contribution will not be made to the pension pot.
You don’t want a politician from Illinois running things (most especially if you want to enjoy a pension).
Barry the Boy King is turning the entire country into Illinois.
I think they got around one by more slight of hand with the banks, but that shell game is almost over as well.
Betcha Illinois demands one when the time comes.
There is one honey pot that Illinois hasn’t tapped yet but I expect it any day now.
Illinois does not tax retirement income.
Chicago liberals need to be punished for electing rat scum the past 25 years. Raise their property taxes 200%.