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Bankrupt Illinois Cities Forced To Cut Services To Fund Pensions
Mish talk ^ | 20 Sept 2019 | Mish

Posted on 09/22/2019 7:53:21 AM PDT by DUMBGRUNT

On Tuesday, the East St. Louis’ firefighter pension fund demanded that Illinois Comptroller Susana Mendoza intercept more than $2.2 million of East St. Louis city revenues so they could be diverted to the pension fund.

The fund trustees said the city shorted firefighter pensions by $880,000 in 2017 and another $1.3 million in 2018. Under a 2011 pension law, the state comptroller gained the powers to intercept city revenues on behalf of police and fire pension funds shorted by their municipalities.

(Excerpt) Read more at moneymaven.io ...


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: illinois
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There is not enough money in all of Illinois to cover all BS promises; never was, never will be.

Swirling around and down here in DuPage county.

1 posted on 09/22/2019 7:53:21 AM PDT by DUMBGRUNT
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To: DUMBGRUNT

More here:

https://www.zerohedge.com/political/bankrupt-illinois-cities-forced-cut-services-fund-pensions


2 posted on 09/22/2019 7:55:00 AM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: DUMBGRUNT

Here we go.

Soon we’ll all be working paying taxes getting little or no services, so that gov workers can retire on 6-figures at age 55.


3 posted on 09/22/2019 7:57:37 AM PDT by JPJones (More Tariffs, less income tax.)
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To: DUMBGRUNT

Lake County here. I feel our pain bro.


4 posted on 09/22/2019 7:59:07 AM PDT by Bonemaker (invictus maneo)
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To: DUMBGRUNT
...and the morbidly obese governor has yet to propose one, single spending cut.


5 posted on 09/22/2019 7:59:15 AM PDT by budj (combat vet, 2nd of 3 generations)
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To: DUMBGRUNT

A resident sez...

“My house burned down and the fire department didn’t even bother showing up!”

“But their pensions are safe...”


6 posted on 09/22/2019 8:11:11 AM PDT by moovova
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To: DUMBGRUNT

I’d feel sorry for public employees, but I know too many.

And with only one exception, they don’t care how much pain they cause taxpayers.

They want what they’ve been promised, no matter how unrealistic, and they’ll happily beggar the people they purport to serve in order to get it.


7 posted on 09/22/2019 8:15:58 AM PDT by mewzilla (Break out the mustard seeds.)
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To: mewzilla

The typical result of LIB/DIM policies. Oh, well. Told ya.


8 posted on 09/22/2019 8:21:52 AM PDT by hal ogen (First Amendment or Reeducation Camp???)
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To: hal ogen
Bureaucracy Kills: A Lesson from Rome
9 posted on 09/22/2019 8:24:32 AM PDT by mewzilla (Break out the mustard seeds.)
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To: budj

Nice graphic!

Gov Fatso kind of forgot to pay his nonunion plumbers!

Seems clear, the plumbers are the same ones that called the newspapers.


10 posted on 09/22/2019 8:28:39 AM PDT by DUMBGRUNT (one hal)
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To: DUMBGRUNT

As I understand it, Illinois public pensions are protected by the state’s constitution. The state or city cannot unilaterally lower pension payouts. On top of that, many cities have not paid into the pension fund as they should have. Only solution is to raise taxes and lower services. Oh, the state constitution could be modified but do you think democrat politicians are going to do that? So the taxpayers are well and truly stuck.


11 posted on 09/22/2019 8:28:48 AM PDT by hanamizu
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To: DUMBGRUNT

And we knew that there was not in the nineteen sixties.
Like Social Security, public pensions are in most cases a ponzi scheme.

During my youth the Tulsa Tribune and The Tulsa World debated the matter continually.


12 posted on 09/22/2019 8:29:12 AM PDT by MrEdd (Caveat Emptor)
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To: hanamizu
So the taxpayers are well and truly stuck.

Only the ones who can't vote with their feet...

13 posted on 09/22/2019 8:30:28 AM PDT by mewzilla (Break out the mustard seeds.)
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To: DUMBGRUNT

You can’t break the already existing contracts, because if you did, no one would ever believe you again about the new ones. Aside from the fact that it is illegal.

We have an MTA crisis in New York, with huge numbers of people getting to work late too often, while the pensioners are allowed to keep getting their huge pensions based on a lot of overtime. It’s a vicious circle.

Twice in the last few weeks it has taken me two and a half hours to get home on the buses. At least with the buses you are not stuck underground.


14 posted on 09/22/2019 8:32:00 AM PDT by firebrand
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To: DUMBGRUNT

Makes sense, till they have to cut pensions to fund services.


15 posted on 09/22/2019 8:32:53 AM PDT by BusterDog
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To: JPJones
Soon we’ll all be working paying taxes getting little or no services

Anyone here getting any "services" that their grandparents weren't getting 60 years ago when even New York State didn't have a sales tax?

ML/NJ

16 posted on 09/22/2019 8:33:29 AM PDT by ml/nj (eeter hope ther are no statue)
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To: DUMBGRUNT

(Source: Illinois Constitution.) SECTION 5. PENSION AND RETIREMENT RIGHTS Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired. Illinois Constitution - Article XIII - ilga.gov www.ilga.gov/commission/lrb/con13.htm


17 posted on 09/22/2019 8:39:49 AM PDT by RightGeek (FUBO and the donkey you rode in on)
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To: firebrand
You can’t break the already existing contracts

Sure you can. And that is exactly what is going to happen.

There is not enough money in the entire State economy to pay those pension claims. Multiply that by pension insolvency in a dozen other States and there will be no Federal bailouts either.

After the politicians have totally screwed taxpayers and crashed the State economy, they will send out token payments in cash, and some kind of unbacked script for the rest. The pensioners may get ten cents on the dollar for their claims.

18 posted on 09/22/2019 8:41:38 AM PDT by flamberge (The wheels keep turning)
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To: flamberge

Well, you didn’t include the rest of my sentence in your quote. I gave the two reasons that prevent this.

Of course the state or city “can” physically or legislatively do whatever it wants and then get sued.


19 posted on 09/22/2019 8:45:27 AM PDT by firebrand
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To: hanamizu
can't they claim bankruptcy?
20 posted on 09/22/2019 8:50:41 AM PDT by Chode (Send bachelors, and come heavily armed!)
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