2013 graphic about CA [BUT LOOK AT ILLINOIS]:
Posted on 10/15/2015 5:08:14 AM PDT by Cincinatus' Wife
..........It is not Emanuel’s fault that Chicago’s three largest employers, after the federal government, are the public-school system, the city government, and Cook County’s government. Although Emanuel is a product of the Chicago politics that made Barack Obama, the crisis brought on by such politics now requires Emanuel to take many measures to make Chicago an exception to the nation’s economic lethargy under Obama. Emanuel’s task—condign punishment for any Democrat—is to salvage the blue model by making the private sector dynamic enough to generate tax revenues sufficient to fund improvident public contracts and their pension promises. Hence Emanuel’s focus on K–12 education.
A circle with a radius of 275 miles from Chicago’s Loop includes nine Big Ten campuses (and the University of Chicago, Notre Dame, and many others) that furnish a steady stream of graduates drawn to urban life. The challenge is to hold these taxpayers in the city when they have school-age children. Hence Emanuel’s enthusiasm for—scarcity can be the mother of courage—charter schools, which horrify the Democratic party’s paymasters in the teachers’ unions.
Emanuel and the city’s school system,the nation’s third-largest, want aid from the state. This is, as the Heritage Foundation’s Stephen Moore says, like Puerto Rico begging from Greece. Although state pension payments have grown from $60 million to more than $650 million since 2006, Illinois still ranks 50th among states in the lowest percentage of funded pension obligations(47.1). After 13 downgrades in six years, Illinois, which is not paying many of its vendors or even winners of the state lottery, is 50th among the states in credit rating.
After Illinois’s supreme court strictly construed the state constitution’s provision that public pensions “shall not be diminished or impaired,” Moody’s downgraded the city, raising the cost of borrowing. Because diminishment is not possible, some increased revenue is not optional.....
(Excerpt) Read more at nationalreview.com ...
Great article.
Yep, this is a big mess they have in Illinois. And they only way out is to tax themselves out of existence or file bankruptcy,
By the way, the whole Chicagoland area is now loaded with illegal immigrants. Like a million plus of them.
GOOD!
He soiled his own bed, now he can lie in it.
I think Cal. is worse off than the chart indicates. Jerry Brown has been cooking the books since his first day in office. After about 6 mo. he claimed their massive problem had been magically “solved”.
Even Democrat mayors and governors, despite promising a chicken in every pot, are coming to grips to the reality of math
While he may not have been directly responsible for it, he certainly is complicit, as he has supported the stupidity that that is directly responsible. Liberalism.
I imagine that many, many of those pension checks are mailed out-of-state to AZ or FL or TX - places where those public employees are living now.
And they only way out is to tax themselves out of existence or file bankruptcy,
That is the nature of man. God’s Invisible Hand will eventfully implement his economic law.
I would not have expected Alaska to be so deep in it.
Is that chart going to show another dip into the negative with this years drop in the DOW?
I will add my observations in working with businesses in bankruptcy.
1) Even if they made perfect management decisions from now on, they could not overcome the prior bad decisions.
2) What are the options, quit now or keep going. If you keep going at least in their minds there is the small possibility of hope and they keep manipulating the situation, providing for their lifestyle. If they pull the trigger, they are out of control.
3) When the trigger is finally pulled by outside forces, it is the creditors fault, not the bankruptees fault.
4) Life went on and many bankruptees found someone else to con to support their life style. Not all, but many.
The teachers unions have declared all-out war on charter schools. They single handedly got Tom Wolf elected Governor here on that issue. They react as if taking one penny away from the public system to give to a charter is sawing their right arm off. I was at a CHURCH SPONSORED EVENT that degenerated into a union hall scrum over charter schools. A lady came to speak on behalf of a charity, which had gotten a grant from the Gates Foundation.
Once that fact came to light, all of the union teachers in the room immediately sprung into attack mode, and katy bar the door, you would have thought you were trying to cross a Teamster picket line in 1948.
All those “businesses” are a drain on the wealth of the local system.
They add NOTHING. They create NOTHING.
Don't let this crisis go to waste!
They are gonna hike property taxes to pay these scumsuckers GD pensions. NOT GOOD. NOT GOOD. NOT GOOD.
HERE'S HOW GANGLAND CHICAGO ROLLS A muni-bond expert exposed Chicago’s bond financing scheme as a house of cards. An examination of the city's bond documents uncovered taxpayers paying billions for greedy politicians' shady financial legerdemain, including:
<><>(1) using long-term financing to
<><> cover day-to-day expenses,
<><>(2) using bonds to pay pension obligations, and,
<><> (3) misappropriating returns from the interest rate swap portfolio as an “ATM” for the city's expenses.
The stench from Chicago's poplitical sleaze is permeating the putrid city hall air... starting w/ Obama's ex-COS Chi/Mayor Rahm Emanuel. ....and remember, these kingpins of Chicago criminal politics moved into DC with Chicago kingpin Barack Obama.
=================================================
ANALYSIS Bonding is eternal taxation----the insider deals bonding companies made w/ shady pols to get bonding business would tell a tale of greedy pols accumulating riches through massive govt corruption.If these bonding deals were effectuated by way of referendum at the ballot box----and misled investors into buying tax-fee muni bonds----the SEC would be interested.
EMAIL enforcement@sec.gov
Massive govt corruption might include forgery, falsification of official records, fraudulent state budget entries, tax evasion, illegal wire-transfers, misuse of public office.
Tax-exempt municipal bond investors (including public education bond investors)-- have legal grounds to sue if they were deceived about deceptive bond offerings. In many cases, bond issues are approved by voters---at the ballot box--so that voters may have also been misled WRT uses of fraudulent bond offerings.
Also culpable are:
<><> bonding companies underwriting possible fraudulent bond issues;
<><> banks holding possibly fraudulent bond proceeds;
<><> State/city's modus operandi in allocating tax-exempt bond proceeds,
<><> the sub rosa acceptance of bond proceeds.
<><> state/city vendors accepting possible fraudulent bond proceeds.
<><> publicly-funded state/city agencies advocating the uses of fraudulent bond proceeds.
===========================================
The SEC, FBI, banking overight agencies, and the IRS, would be interested in the activities of state/city entities WRT bonding.
EMAIL---FBI TIPS PAGE https://tips.fbi.gov
EMAIL--enforcement@SEC.gov
Contact the IRS Fraud Unit
EMAIL Banking oversight agencies
============================================
Taxpayers should find out which banks are facilitating this.
<><> Which banks are designated the repositories of municipal tax dollars.
<><> Which banks are dispensing tax-exempt bond proceeds.
THE major scandal yet to be examined is where braindead David Axelrod and the Chicago criminals in our WH got zillions of dollars to finance their self-serving interests.
This jerk Axe actually has a U of Chicago poly/sci dept named after him. Axelrod and the rest of the Chicago mob never have to work a day the rest of their lives.
Here's a clue WRT where they got the money.
Remember, these were the kingpins of Chicago criminal politics that occupied our WH. The stench from the Chicago sleaze permeated the putrid Capitol Hill air... starting w/ Obama's COS Rahm Emanuel.
================================================
THIS MADE ME LAUGH OUT LOUD shortly after quitting his powerful WH job as Obama's COS, Rahm held a presser declaring he "just remembered" he really, Really wanted to be Mayor of Chicago. Then Rahm announced he had magically "raised" $30 million for his campaign in "just a matter of weeks." (waiting for hysterical laughter to die down).
Ya gotta wonder how much the cunning onetime Wall Streeter wired offshore when Obama put Rahm--in a dual role---as his COS....... AND in charge of the entire US Treasury.
================================================
BACKSTORY---THE KINGPINS OF CHICAGO CRIMINAL POLITICS IN OUR WH wasted no time.....they had a stranglehold on the Census, AND the US Treasury, from day one.
The minute Obama/Valerie/Rahm/Axelrod/Geithner, and that Practiced bunch of Chicago criminals, landed in the WH they did two things that were apparently crucial to their evil plans
(a) they took control of the US Census;
(b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (cabinet-level agency oversees IRS).
THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.
When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings of the Treasury that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
SOURCE http://online.wsj.com/article/SB124113406528875137.html
Yes, but even WHEN the card-house falls down, The People, let alone the politicians/unions/etc. won’t change. The whole process only begins again with a mindset of ‘history is NOT the future’.
Only/unless they (the People and polies) are made to HURT will anything change for the better
Just my $.02
That's pretty much what most government spending is all about...and it's certainly not for helping people.
Public sector unions and their outrageous benefit defined pensions are a farce. They should be thrown out. To hell with fat cat bureaucrats getting paid forever.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
