Posted on 09/12/2016 8:24:19 PM PDT by Lorianne
Edited on 09/13/2016 12:24:41 AM PDT by Admin Moderator. [history]
If you experienced sticker shock with your latest real estate tax bill, or worry about what's around the corner with proposed big increases on your water and sewer bills, you ain't seen nothin' yet. Chicago's pension debts are finally starting to gobble the city. Chicagoans have two options: Swallow hard and take the massive increases as a cost of living in this great city, or fight for a better solution.
(Excerpt) Read more at chicagotribune.com ...
Beneficiaries are not going to count on their retirement checks.
There’s no money in the till to pay for them.
Chicago is royally screwed.
that would be the typical solution to all progressive bs... foist it onto the next biggest entity.
the only response should be HELL NO! the rest of the country will NOT pay for the free loaders in chicago
Oh, they will get paid, but it’ll be 25-cents on the dollar type of rate. Maybe if you move out to Iowa and cut your expenses....you can survive off that and social security.
I think that the Democrat Party ought to set up a Go Fund Me site for all Democratically run cities that cannot pay their pension obligations.
That way, all the Democrat voters in the U.S. can make up the difference.
You didn’t read.
Chicago would be allowed to modify and terminate non-performing pension plans.
That’s the opposite of a bailout. It needs bankruptcy relief and none too soon.
Local democrat politicians made these deals with public unions to keep and maintain power.
The local citizens keep voting in democrats.
It has nothing to do with the Federal Government.
It costs politicians nothing to promise pension benefits that aren’t paid for because they won’t be in office when the bills come due.
In the end the taxpayers have to clean up their mess.
Oh no.
This is going on all over.
California is in a bad way also.
Third way:
Move........
Not just no. Hell no.
L
Testing the waters - for every democrat town,city,county and state to foist their pension issues on rest of americans
Economics: You want other people to give you their money, but you do not want to give your money to other people.
When did Govt believe other people should support their laziness?? No Govt job should get any pension.
The article is confusing on the matter of a Federal intervention (non-bailout)...is there something in the Illinois constitution that prevents municipalities or the state from cutting pensions if there is no money? What am I missing?
The Illinois Constitution specifically protects public pensions.
Long story. Some other day.
Illinois is stuck. And the federal solution suggested here would violate the federal Contracts Clause.
Don’t elect Democrats.
Yes, but it does not have any provision for them printing money to pay the pensions.
Illinois is stuck. And the federal solution suggested here would violate the federal Contracts Clause.
I predict bankruptcy.
Although there is a second possibility--White flight. As tax rates rise anyone who can move out will, leaving behind something like Detroit. When we get to the point that they can legitimately complain that downtrodden Blacks are being overtaxed to pay the pensions of old White men, a loophole in the Illinois constitution will be found.
I don’t get it either. Why would they have to ask the Fed’s permission to change their own pension rules? If they are bankrupt they cannot pay.
Right. Even the plan that (former lib / dem Gov.) Quinn got pushed through to try to get partial control of State pensions got shot down in court. "Unconstitutional".
Illinois is screwed beyond belief.
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