Posted on 04/20/2020 2:09:40 PM PDT by simpson96
llinois Democrats are demanding $41 billion from the federal government for coronavirus relief, including $10 billion for Illinois's cash-strapped and underfunded public pension plan. The most fiscally mismanaged state in the union, which has criminally neglected funding its public pension fund for two decades, wants Washington to pull its chestnuts out of the fire? Certainly, states should get something. But what Illinois is asking for is shocking.
“I realize I’ve asked for a lot, but this is an unprecedented situation, and we face the reality that there likely will be additional, unanticipated costs that could result in future requests for assistance,” Harmon wrote on behalf of the state senate Democratic caucus.
Harmon’s federal wish list for the second phase of federal coronavirus relief includes $15 billion in block grant funding to shore up the state’s spending plans for this fiscal year and the next two.
The Oak Park Democrat also asked for $10 billion for the state’s desperately underfunded pension plans.
A block grant is a blank check. Harmon wants the taxpayers to put $15 billion in the hands of state Democrats to spend as they wish? Illinois Republicans were, quite rightly, beside themselves, accusing Democrats in a tweet of “brazenly using a global pandemic as an excuse to ask the [federal government] to bail them out of the fiscal disaster they manufactured over the last two decades.” And that goes double for the pension fund. The state was going to have to ask the federal government for a pension bailout even before the pandemic. Now, they have an excuse.
(Excerpt) Read more at pjmedia.com ...
Screw IL. I feel bad for the few conservatives that live there.
Yes, its getting to the point where virtually EVERYTHING will need a bailout! Someone remind me how much national debt is currently (rhetorical question cause apparently there are mofos out there that dont have an issue with it and just want money to be printed. Zimbabwe, here we come.GG!).
Gee what’s a few billion among friends????
This is the tip of the iceberg. All states are going to have budget problems due to , so many laid off and furloughed employees not having state income tax withheld, and , retail sales are in the tank, which meams sales rax revenue to the states is also cratering.
I’m sure we will find some states are better off than others, when it comes to balancing their budgets.
And some will demand a bailout from Washington.
NFW.
And I live in Illinois.
L
Whoa. Thems fightin' words to Commiefornians.
None - NONE - of this would go to shoring up or bailing out or anything else; it goes straight into some pols' pockets.
And I live in Illinois.
Hey, I say give them 5% of what they ask for but tie it to changing from defined benefit to defined contribution for everyone with less than 10 years service. Otherwise, no money. It's the cheapest way to end this stupidity.
Voila! No more pension problems in Illinois!
Pensions are unsustainable.
If Trump allows this, Illinois will never open for business. It will not go back into they economy at all. All 41 Billion will go to pensions. The rest will just be bonds.
That fat toad of a governor can pound sand. The crooks of both parties have looted IL coffers for 30 years.
Tell them to get the money for their lavish pensions from their beloved illegal aliens.
Your party has already reaped the benefits from making the impossible promises - it isn't the Federal taxpayers' responsibility to keep them for you.
So bad. Illinois is the worst state.
“ but tie it to changing from defined benefit to defined contribution for everyone with less than 10 years service.“
Not possible here. The Illinois Constitution forbids making any changes to current plans.
L
Another broke state trying to sponge off the country...for their own failed leadership.
Never, ever bail out the pension plan is the cardinal rule.
I’m sure the GOP-e will get right on stopping this.../zzzz
CA has a ten billion rainy day fund and a budget surplus.
Or did.
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