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In Key Decision, Junk-Rated Chicago's Pension Reform Bid Ruled Unconstitutional
On Thursday, we previewed a critical court ruling involving Chicago mayor Rahm Emanuel’s effort to cut pension expenses and plug a yawning budget gap. Here’s a brief recap of the story so far:
Back in May, the Illinois Supreme Court set a de facto precedent for lawmakers across the country when a bid to cut pension benefits was struck down in a unanimous ruling. Anyone who might have been confused as to the significance of the decision got a wake up call from Moody’s when the ratings agency, citing the read-through for Chicago’s fiscal situation, downgraded the city to junk. This is part of a larger fiscal crisis in the country which has left almost half of US states facing funding gaps for the upcoming fiscal year. All told, the total pension shortfall across states and cities is anywhere between $1.5 trillion and $2.4 trillion depending on who you ask.
And here’s a recap of what was at stake in Friday’s ruling, courtesy of the Illinois Policy Institute:
A Cook County judge will rule on the legality of a 2014 pension law aimed at reforming two of Chicago’s underfunded city retirement systems. While the pension law included some much-needed reforms, such as an increase in the retirement age, if upheld the law ultimately would put Chicago residents on the hook for millions of dollars of tax increases.
Well, those residents can relax for now, because as expected, Emanuel’s plan was determined to be unconstitutional by Rita M. Novak of the Cook County Circuit Court. The New York Times has more:
A judge in Chicago ruled on Friday that a plan to change city workers’ pensions was unconstitutional. The case is being closely watched for its effect on the city’s uncertain finances.
"This principle is particularly compelling where the Supreme Court’s decision is so recent, deals with such closely parallel issues and provides crystal-clear direction on the proper interpretation of the law," Judge Novak wrote. The Constitution of Illinois provides that public pensions "shall not be diminished or impaired."
Pension costs in many American states and cities are growing much faster than the money available to pay them, causing a painful squeeze. Officials who try to restore balance by reducing pensions in some way are almost always sued; outcomes of these lawsuits vary widely from state to state.
Some of the worst problems have been brewing for years in Illinois, particularly in Chicago, where the city’s pension contributions have long been set artificially low by lawmakers in Springfield, the state capital. With more and more city workers now retiring, a $20 billion deficit has materialized, and Friday’s ruling is seen as a setback to Mayor Rahm Emanuel’s efforts to close this gap and rescue Chicago’s credit rating.
Officials in the mayor’s office said the city would appeal.
“While we are disappointed by the trial court’s ruling, we have always recognized that this matter will ultimately be resolved by the Illinois Supreme Court," said Chicago’s legal counsel, Stephen Patton, in a statement. "We now look forward to having our arguments heard there."
While we certainly understand the idea that cutting pension benefits amounts a breach of the so-called "implicit contract" between public sector employees and state and local governments, it seems as though the logic employed both by the workers and by the courts suffers from the same myopia and denial of economic realities that has helped saddle the world with a combined $19 trillion in debt. Put simply: if the pension system isn't reformed, it will run out of money and no one will get anything. Here's The Times again:
"All city residents can be reassured that the Constitution — our state’s highest law — means what it says and will be respected, while city employees and retirees can be assured that their modest retirement income is protected," said Ms. Lynch, the executive director of Afscme’s Council 31 in Chicago.
Chicago said its pension overhaul would provide "massive net benefits" to workers if allowed to proceed. That was because the two pension funds at issue — one for laborers and one for general city workers — were heading toward certain insolvency. An insolvent system would be able to pay retirees only about 30 percent of their benefits.
So for now, delay-and-pray wins and in all likelihood, Chicago will lose on appeal, meaning the city will sink further into insolvency while those that will be most affected when the pension ponzi finally collapses continue to object to the very reform measures that might save them.
Full decision below.
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Hey Rahm: never let a crisis go to waste.
Couldn't happen to a nicer ballerina;)
It's for the kids! Please Give! God Bless! (Just like the Hobos)
Suddenly Rahmbo grabs his steak knife and shouts out the name of Rita Novak...
Lifts the knife, then bringing it down with full force into the table...
"Dead!" he screams.
LOL , you think this judge would impair her own pension?
Right, kind like expecting g a fair trial when the cops, the prosecutor, most of the jury and the judge are all paid from the same purse.
"denial of economic realities that has helped saddle the world with a combined $19 trillion in debt".
Um, there IS a world outside the US. $19 Trillion is ONLY the OFFICIALLY REPORTED US debt, which does not include Off Balance Sheet ,items and contingent liabilities.....
Rahm will be letting this crisis go to worst: the impending equity and bond collapse, along with Lehman-plus declines in personal income, retail sales and sales tax revenues, home price and RE tax revenues, corporate profits and state income tax receipts, and other contractions - may finally show the power-crazy Keynesian-Alinskyites that their charade has finally ended, with horrific consequences.
It sure is a bitch when two competing factions of the Jewish Mafia are STILL fighting to divide up the spoils, isn't it? COOK COUNTY, ILLINOIS...
Kike A says that he is working to protect the face of the county in the eyes of the Kike bankers; and Kike B says that the Kikes in her 'district' won't appreciate having to stop taking all the free shit they were promised 'just' because the Kike banksters made a bunch of shitty investments and stole all the money (and lost it in the process).
"SEE (screams Kike B from her bench)?" Kike branch C 'legislated' that the pensions can't be fucked with...EVER... so FUCK you, Kike A, and FUCK the Kike banksters as well... and FUCK the 'non-druish' peoples who will have to put up with HIGHER 'taxes' to make up for the 'shortfall'...
(Kike B leaves her offal place with a full eunteurange of armed private security guys from Langley now, every day...)
(Kike A practices his 'Moroni' accent, but is about to be deported to Sweden despite murdering the English language)
The Kike banksters are laughing, and spreading their wings; as vultures often do before desending to devour the helpless prey (in Cook County, Illinois). it's all 'going to plan', you see:
https://www.youtube.com/watch?v=LQUXuQ6Zd9w
This post isn't really very 'deep'.
If you think it IS too deep, it's because you're too SHALLOW.
(It's pronounced 'Ky-Kee', just like 'Ny-Kee'; the slave-using 'maker of shoes')
FUCK YOU, RAHM EMMANUEL, SON OF EZEKIEL EMMANUEL, CHARTER MEMBER OF LIKUD; FORMER CHIEF OF STAFF OF THE OBAMA ADMINISTRATION BEFORE THE CUNT BULLDYKE COMMUNIST TROTSKYITE VALERIE JARRETT KICKED YOU OUT!
Oh, and FUCK that BITCH KIKE that sits in 'JUDGEMENT' in COOK COUNTY!
Oh, what the hell. Cook County sucks, and it has for DECADES! I don't know why I even give a shit for anyone stupid enough to continue living there.
You just don't understand: they are on a mission from GOD.
https://www.youtube.com/watch?v=-4YrCFz0Kfc
'The Lord works in mysterious ways.'
'Yup.'
I hate Illinois Nazis.
https://www.youtube.com/watch?v=ktmNEWwH69s
Hard to believe those Chicagoeans would balk at paying more tax to support those >$11 million/person pension plans of their school administrators?
Meet Neil Codell an Illinois educator with a $26 million state pension.
Look for 'Codell, Neil C' -- 4th from the top of the list. His estimated career pension is $26,661,604. That's almost $27 million for a single administrator within just one local Illinois school system (Niles, to be exact).
http://dailybail.com/home/make-this-story-go-viral-you-thought-californi...
" ... while city employees and retirees can be assured that their modest retirement income is protected."
(Emphasis added.) Reminds me of an interview with the late Sadam Hussein wherein he made a reference to "the peace loving peoples of Iraq." (Sounded like a SNL parody.)
If this gets upheld , it will lead to a Federal bailout.
Most Americans are unaware of the disparity of Federal Funding to states.
S Carolina is our Greece, receiving $7.30 dollars of Federal funds for every $1.00 they send in, obviously at the expense of more prosperous states.
So now the prosperous states will be bailing out the Chcago Unions.
SUCKERS !!!
Hold your breath until you're blue in the face; and repeat after ME:
PUERTO RICO! PUERTO RICO! PUERTO RICO!
Holy fucking SHIT! I almost forgot about DIEGO GARCIA, and HAITI!
I'd be interested to know if anyone out in ZH-Landia has the figures that dispute the 1+trillion FEDSCRIP cost of the 'Green Zone' in Bagdhad, Iraq (that has since fallen into I.S.I.S. hands; along with all those 'armaments').
PHPHHH!!!
"South Carolina IS our Greece"! SHIT! I'm still waiting for the knumbfucks in the CONUS to remember what happened in CYPRUS!
(Huh?)
BZZZT - Wrong. Weren't you paying attention to the AFFH article whereby Obama's HUD will vacuum all the money out of the "suburbs" and replace it with shiny new Sec. 8 and project housing? Chicago's new suburbs will stretch as far as Rahm says they do. The Obama Presidential Library demands it.
lmao!
NYT Headline: Emanuel Begs Obama To Swallow Chicago's Junk
WP Headline: Obama To Emanuel -- 'I Will Only Swallow Chicago's Junk After Haircut'
HuffPo Headline: "Two Men Seen Swallowing Each Others Junk In Public Is Perfectly Normal"
Even commendable.
Due to national security issues, all mention of any posts regarding the Kenyan-in-chief's sexual preferences and political affiliations will henceforth NOT be stored on our private server in Utah (as per directives from Shillary; the Rodham). It is our belief that the integrity of Soetoro and Emmanuel must be preserved for future generations (for them to be properly re-educated).
FURTHER: Any mention of 'the Wookie' has been determined to be a copyright infringement by LucasFilms (Inc,, Et.Al., forever and ever, amen, so let it be written), and will be prosecuted to the fullest extent.
Sincerely,
Israeli Secret Intelligence Service (with main branches in Haifa, and Alexandria, VA.). WE DECIDE! YOU COMPLY!
Normal? Commendable?
Nay. Courageous.
Page 47 subheadline. Chicago hires "consultant" Reggie Love.
What, obama swallows? Shocked, shocked I say...............
Soetoro swallows, but the Wookie spits.
This has come as shocking news for the Emmanuel syndicate. Being 'penally-size-challenged', young Rahm has been faced wiith a decision (unlike his brother, Dr. Ezekiel). Should he let Barry ('Bathhouse') Soetoro take his 'smaller-than'normal' penis in orally (and discharge his 'heavy load' of one or two ounces); or should he attempt the 'forbidden zone' of the 'Nubian Princess', whose vagina has been known to take in entire sectors of the HEW/HUD 'school food program' in a single deep and penetrating thrust?
As you contemplate these questions, there is 'another' that wishes to twist your mind and control all that you see. That's the SIGNPOST UP AHEAD...
YOU are NOW ENTERING the 'Nuland Zone'...
https://www.youtube.com/watch?v=a1sf2CzEq0w
Thanks for posting. a DHS representative will be doing a 'welfare check' on you, soon.
Sincerely,
Valerie and Vickie
P.S.
FUCK the E.U.!
I predict a serious upsurge in fines for petty offences.
Such as snoring without a ($500) license.
$472 to register a bicycle, coming up...
YEAH, RIGHT!
How are you gonna register a bicycle that you can't afford to buy in the FIRST PLACE (because the tax on your El-train pass just went up AGAIN)?
Quit bitching, and be THANKFUL that you still have your free Obamaphone!
EZ-5-Year-Loan for the bicycle. There's an extra charge for the life insurance premium you'll need when you buy the bike since there's high risk you'll be blown away by a Thug who really likes your bike and maybe also your sneakers.
It's a circular argument, in my opinion.
Gerald Celente always states that 'When you've got NOTHING, you've got NOTHING TO LOSE'. He's correct.
https://www.youtube.com/watch?v=B_3TlrZLpQ0
If I reside in Cook County, and only have a bicycle as my 'primary means of transportation'; and Rahm lost his 'court case', does this mean that I have to pay an 'additional tax' because i 'use county roads'?
Let's call it a 'Whte Priveledge' tax.
But on the upside, the bank will re-finance your bicycle and lump the BBS, or Bicycle Backed Securities, into a futures derivative that will make Wall Street TRILLIONS!
Rahm won't give up easily. He'll have to declare bankruptcy, like detroit and a few other cities have done. Then he can screw the pensioners royally.
"then he can screw the bondholders royally" There, it's fixed.
(See Detroit)
That judge can kiss her shot at the Illinois Supreme court good-bye.
FORWARD SOVIET!
Chicago is a sh!thole. I can smell it from here.
Oh America, America, the nation once so bright for My Name, you have sealed your fate with your wicked ways, and the days left for you are numbered.
Then horrors shall fill your streets. The dead will outnumber the living, and the sounds of war will fill the ears of your people. As you have trampled over others, so shall your enemies now trample over you.
Your people shall rummage for food, where once it was abundant. They will thirst for pure water, because they have rejected Me, the living water. They shall cry for mercy but find none, as they have shown none to My people.
Prepare to meet your fate, America.You have been weighed, and found wanting. Your reign of power has come to its end.
I gots my Rapturin' shoes shined and ready to put on.
The Lawd goes crazy for a sharp dressed man.
False Prophet.
As things seem to be getting worse and worse for the United States, and the headlines are BLARING another evil heaped upon all the OTHER bad news, and ALL indications are seeming to portend a major collapse of all that was once 'assumed to be', I find yor rebuttal quite interesting in the purest of 'esoteric' senses.
How's the 'selling off 70 million aborted fetuses' body parts for fun and profit' thing going for you? How's the 'supporting Songbird Wet-start McCain and the Keating 5' for GOVERNOR of ARIZONA thing look right now? I ASSUME that you have a 'secret' source that is telling you about all those WMD's that we were looking for in IRAQ. How's Monsanto stock looking for you, and why don't you chug another glass of GLYOPHOSPHATE? The BWR first design from the late 1950's sure looked GOOD to JAPAN, and FUKUSHIMA is proof of the BEST of the BEST. I'd ask some of my friends from the U.S.S. Liberty about this, but the ones I knew seem to have been 'erased from public memory' by our ALLIES. THREE buildings with TWO PLANES! THAT's a WORLD RECORD!
I COULD go ON and ON, but, YOU get the point here.
Only in the most ESOTERIC sense, I state that you are apparently a lying, deceiving asshole (with your TWO-FUCKING-WORD posting). Is it 'Twitter'; or 'Instagram' that you prefer?
Put down the bottle (or the bowl- or both), Montgomery.
1. The US was never God's chosen country, ever. Rather, it is the 7th head of the beast of Revelation.
2. Read "Tribulation Blues" website to see how much is scriptural vs how much is made up fantasy. It tends towards the latter. It's very easy to jump to a conclusion, and then "find scriptures" that support the conclusion. But it's very difficult to take the time to read, and interpret scripture, to determine what it actually means.
3. Regardless- the US is in its last days- but not as "Tribulation Blues" website describes.
Why would a Judge reduce his/her Pension. None of these Judges have ever saved a dime in thier lives, they are just waiting for Pension time and don't care how insane the finances are.
Same problem with the judges in fraudclosures.Their pensions were way overweight in those
'AAA' RMBS,Never a reclusion.
Someone should tell the judges that you can't get blood from a stone. Chicongo is the next Detoilet
Hmmm. This sounds eerily similar to Social Security. What's a Ponzi by any other name?
I bailed from Illinois almost 4 years ago. What a bunch of losers.
(Alien face holding up wristwatch to mouth)
'We've got one that can SEE!'
https://www.youtube.com/watch?v=kBY6pF42I-c
BE CAREFUL!
Summers are too hot here, and winters are too cold. Houses cost too much, and the pay scale is way lower than the 'national average'. Clinging to God and guns is like a 'hobby' here, so beware of everything
FIRST TIP: GET RID of those 'Illinois' plates on your car. Like NY or CA plates, they are like painting a target on your back that says 'shoot me'. (You probably already took care of this one)
RUN, FORREST, RUN!
SECOND TIP: NEVER, EVER admit that you were EVER domiciled (or were born in) ILLINOIS (even to your closest 'new' friends').
OOPS...
My wife's best fried lives in a suburb of Chicago, she says the property taxes on their home is close to $10,000 per year.
Go for it pensioner's! Getting 100% of nothing is better than having to live with say 50% of nothing. Oh, wait...never mind.
Chicago reminds me of Eastern Airlines.
The Eastern Airline Unions taught the company a lesson in the year 1991: for not accepting our demands we drove you out of business!!
What The Fu.k?????????????????????????????????????????????
So whats left Rahm... Cross your fingers and hope for a Fed bailout or cup your balls and pray.
Fork, done
It's a smoldering lump of charcoal now
Running out of money is unconstitutional… And racist
The court has spoken.
lol...that's right dammit!
State employees made a binding contractual agreement with other state employees that "a third party" (that means YOU, dear Joe Sixpack) would make good on the agreement they both agreed to in writing without the third party (you, Joe) signing off on it or even vague awareness of the pending obligation on your part, without even having representation at the signing.
It's all perfectly legal and above board as seen by other state employees (judges) now ruling on a matter of law that directly effects their on bank accounts and retirements.
Viva la Banana Republic!
What a fucking shit show.
See when you voted, you agreed to abide by what ever your lying delegated representative signed your name to as your proxy. It doesn't matter if the other guy got the political office than who you voted for. You agreed to follow the rules enacted in the name of the majority of voters. This is also known as Democracy.
You don't have a right to the laws of the Republic when you register to vote in the Democracy.
At the very least, that is how the people in power expect it to work.
"You don't have a right to the laws of the Republic when you register to vote in the Democracy. "
Social Democracy.
Those that vote for the proposed collective action are automatically enrolled as direct funding participants in the collective action that they voted for.
Those that abstain from voting or vote against the proposed collective action are not automatically enrolled as direct funding participants; but, may voluntarily choose to become funding participants after the proposed collective action is implemented.
IF a group of people want to exorcise their right to implement an action agreement to be paid for by those participants that voted for the action it is valid.
Those that vote for a service or action do not have the right to impose the costs and commitments of the action agreement on non-participants.
You do not have the right to vote to force other people to pay for what you want.
Pool your resources amongst yourselves if you wish but do not steal from others under the guise of self determination.
My life does not belong to you: it belongs to me.
I am not morally or legally responsible for paying the bills for services or actions that others have contracted: those that individually and/or collectively agreed to purchase such services or actions are the only persons responsible for paying for the services or actions contracted.
I do not owe your creditors one motherfucking cent.
I represent myself and do not accept or agree to being represented by anyone otehr than myself.
ANY & ALL contracts agreed by those claiming to represent my interests without expilicit signed contractural agreements delineating all aspects of any agreement are not only hereby considered as absolutely null and void and non-binding but are to be considered an act of attempted theft and/or cooercion and/or fraud.
I DO NOT owe YOUR CREDITORS one motherfucking cent.
There's absolutely no doubt Barry will find the root of this problem connected to the Confederate Flag.
Thou Shalt Not Diminish, The Lord Has Spoken. It is now illegal to be broke.
It just occurred to me .gov could turn the tables and start robbing banks.
All these pension plans were from the pre-joo takeover of America.A time where one person working could support a family and a decent retirement was part of the deal. All balanecd out by high paying work being available to the coming generations.
Since then, a 20K/year job with no benefits and no future is the norm, whilst the zio-overlords take the rest. Want a model for America's future? Look to Mexico.
"All these pension plans were from the pre-joo takeover of America."
NO. You MISUNDERSTAND.
All these 'pension plans' that you mention were the GROUNDWORK for the takeover of 'America' (whatever the fuck that word 'America' is supposed to mean).
CRADLE to GRAVE plans, and progroms; designed to make people in general 'believe' in the false sense of 'SECURITY' that 'their' government 'provides'...
Let me tell you a REAL-history-story about the Ashenazim and the Khazarim...
The Constitution of Illinois provides that public pensions "shall not be diminished or impaired."
That doesn't leave any room for interpretation. All this court action is bullshit.
The only way to trim the Chicago public pensions is for the Illinois state legislators to pass a constitutional amendment allowing such, and for the governor to sign it into law. The Illinois state supreme court can't change the law, and I don't see how they could possibly rule that trimming the Chicago public pensions is constitutional given the concrete wording.
Oh, there's a quite obvious way to trim those pensions.
The Windfall pensions tax is passed by the Illinois legislature and/or Chicago aldermen. All pension income over $30,000 per year is taxed at a 95% tax rate.
There. You got your fvcking pension.
And we took the money back without violating your precious Illinois constitution, as if that piece of toilet paper stopped ANY malfeasance in that fraudulence saturated den of iniquity.
That would do it. But it requires legislative action, not court argument by a bunch of Chicago lawyers.
All this court action is bullshit.
I'm sure that any such bill would exempt the governor and state legislators from its provisions.
Genius.
Isn't that analogous to the 2nd ammendment..."shall not be infringed"? Does not seem to matter when it comes to guns.
"Isn't that analogous to the 2nd ammendment..."shall not be infringed"? Does not seem to matter when it comes to guns. "
Shall not be infringed only means what they say it means on a specific issue by issue basis.
Guns = NO.
Taxes = YES.
The bureaucrats and lawyers are only interested in takings, not in prohibitions from takings....
Take the guns. Take the money. Take take take take take...
Whether shall not means shall not or means the opposite of shall not depends entirely upon the issue being contemplated.
Clintonism.
Fuck You Bill Doublespeak Clinton.
Itstippy, its not easy to change the Illinois constitution.
Amending the constitution would not be easy, to say the least, given recent history and the state's current political climate. It would need approval by a three-fifths vote in both the Illinois House and Senate. That's just to put a proposed amendment on the ballot, where it would need 60 percent of those voting on the issue to be approved.
Not a chance of that all happening....
I guess the bribe wasn't big enough.
Being that Rahm is a dyed-in-the-wool Zionist--was even in the IDF--and the ratings agencies are an offshoot of Zion's banksters and streeters, my nose smells Goy stew cooking.
Chicago is already a microcosm of tyranny. You cannot fart without them taking a dollar, or $500, from your wallet.
Liberty is a demand. Tyranny is submission..
How bad is it. Well, a client of mine bought a building for his auto-body shop. The city would not give him an "occupancy permit" until he deposited $12,000 with them to hold, until he replaced the chain link fence with an expensive wrought iron one. His options were then, after making the "deposit," have the city use their "contractor" for the work, and use his deposit, and probably more, to pay for it, or hire his own contractor. But then the hired contractor's work would also need to be approved by the city. "Trapped," like that Elvis song, but by a corrupt city, and not a bad marriage.
Those damn African Zionists again.
Nah, they're just tools.
They get one more vote out of the teachers. Then they throw them under the bus. Then the books will look fine. Its not like union folks do math.
All Hail Obama,who even screws his own people in Chicago.John Boehner even said it years ago crying "WE'RE BROKE!"
https://www.youtube.com/watch?v=7xdsHP3Qb9U
The real debt is over $200 trillion of entitlements that can't be paid because the politicians sold out America's industry to Red China communists.
Milk that cow til it dies.
No more gubbmint cheese.
They'll seize all the 401k's and bank accounts before they let the pensions go broke and EBT shut down.
Red China owns Hitlarbilly
This is going to get good. If the SCOI backs the city, Chicago is fucked. They'll eventually just be a bigger Detroit unless the Feds come save the day. But if they do that, it's pandora's box, right? This is the craziest time. Keep stacking.
Having the Feds take over is precisely the end plan here. This is all for show and set up for a Chicago chapter 9 bankrutpcy, just like Detroit. Federal bankruptcy law will trump the Illinois Constitution and the pensions can be reformed. However, what I think will really happen is that the ERISA/PBGC statutes will be amended so that the PBGC is allowed to take over public section pensions. Voila! Now Chicago's bloodsucking unions become all of our problem.
The deficits in most public section pension schemes suffer from the same maths as the national debt - it is simply no longer mathematically possible (short of a mass die-off of beneficiaries...) for those plans to become solvent. So all of this reform stuff is just a charade and cover for federalization. But you have to appear to exhaust all possibilities before playing the bankruptcy card, and, in particular, attempting to hand over a plan to the PBGC in bankruptcy, because PBGC is woefully insolvent as well.
This won't happen under Obama, but regardless of whichever puppet gets appointed to the WH next year, count on pension reform being taken up thereafter, because this isn't just a blue state issue. Houston and Dallas have this problem too (http://www.bloomberg.com/news/articles/2015-07-17/pension-funds-burn-cit...).
Anyhow, five will get you ten that's where this is going.
Regionalism.
The surrounding suburbs will be annexed/absorbed via the HUD 'anti-discrimination' plot and taxed to death to pay for what Chicago has already spent.
No one gives a shit that a contract made without resources to perform is fraudulent and void on principle.
These would be de-facto confiscations and bail-ins..
The Bond Holders would much rather coerce the politicians they bought with aportion of their profits from the deal to steal than admit they loanded money to people and/or institutions that could not uphold the contract and eat their losses.
Reason number 6,782 why there shouldn't be such a thing as public pensions in the first place. First, because it masks the true costs from taxpayers - annual outlays for cops, teachers, firemen, etc are presented as simply their salaries and current benefits and don't include the future benefits they're accruing. Second, the costs are variable - if a decade from now everyone's lifespan increases substantially (and it likely will) then pension liabilities go parabolic. And third, you're binding future voters to decisions made by current pols in a highly unfair fashion. You want to issue bonds for some project that gets paid off in 5-10 years? Fine, as that's close enough to the decision to reasonably be said to reflect the will of the voters. But binding future citizens to liabilities that are 20-30 years out? That's insane.
For rham being a bolshevik, he certainly doesn't give a rat's ass to sell out proletariat.....
Over the years you see millions of these government employee types headed for retirement. As the numbers piled up it was pretty obvious to anyone that there's no way to pay them all after retirement based on what the city is going to stick the people for in taxes, no matter how high they go.
This is the true demographic problem. It is not about generations being different sizes, it is about the inevitable ballooning of "government" obligations that the tax slaves must bear, in addition to the massive spending they do normally. You can't pile up endless numbers of parasites in government and think everything will just work out. We are at the point of financial failure across all levels of government. First they borrow, destroying the credit markets, then they squeeze us dry with taxes and fines.
And now they print Federal Reserve notes.
Hey Rama Noodle, cant the red light cameras fix everything? You know... the ones that save thousands of children every year... you fucking bitch-eye goo-guzzzling faggot
"This principle is particularly compelling where the Supreme Court’s decision is so recent, deals with such closely parallel issues and provides crystal-clear direction on the proper interpretation of the law," Judge Novak wrote. The Constitution of Illinois provides that public pensions "shall not be diminished or impaired."
Just pay them in Venuzuelan Bolivars.
"All city residents can be reassured that the Constitution — our state’s highest law — means what it says and will be respected, while city employees and retirees can be assured that their modest retirement income is protected," said Ms. Lynch, the executive director of Afscme’s Council 31 in Chicago."
Self delusion. The laws of math don't care what anyone's constitution says.
Few months ago my local school board sent out a notice about the upcoming school budget. As expected more money was needed for teachers pensions and healthcare as well as more for wage increases. No where did it mention that the teachers would agree to start paying towards their healthcare benefits or adding anything to fund their pensions. I keep hearing how hard working school teachers are. Well I have to wonder why when the first day of school at my local school district is the Thursday before Labor day and then they have a four day weekend before the stuents return to school.
That first day back to school for the teachers must be hard if they need a four day vacation after being on vacation for two months.
Then if a few flakes of snow fall, theres always that two hour delay for schools and they get paid for a full days work. Plus thats considered a full day of school.
Add to that ten paid sick days every year plus every fucking holiday you can think of as a paid holiday. Im surprise they don't get off for Groundhogs day. Maybe that will be asked for in their next contract.
Wisconsin, under SCOTT WALKER has ZERO UNFUNDED LIABILITIES!!!! That ZERO, as in none, nothing, nada. That rat bastard..........
and these are the people teaching your children
Once you're reached JUNK status - it's almost a badge of honor I would think. It took a whole lot of hard work, many many people over many arduous years to achieve that. Not many do. Rahm - you've reached your pinnacle.
I forgot to mention 30 years and you can retire with a full pension. How many of you out there get to retire with a pension that is often almost as much as you were being paid when working. Govenment employees are the only ones left who can actually retire at 50 to 55 with a full pension and helthcare benefits paid for.
My cousin is the same age I am. He worked for the bankrupt US Postal service and he retired when he was about 55. He gets a nice pension plus his healthcare is still paid for. Im 67 and still working as a welder. Finally making a middle class income as now Im getting my SS and a pension from another company I worked at for 28 years. Can't risk retiring today as you never know when SS will go belly up and my pension is stopped. Still paying into the SS system while working so Im helping to fund for you future retirees. lol
Hey, another 15 years and you should be able to finally retire. Somebody has to pay for the public pensions along with the financial bailouts of the banksters and welfare entitlements for the bottom 40%
This is what you get in a capitalist system. Capitalism is the cause of all our nations problems.
If we had capitalism, the following would be current:
1. Citibank, wellsfargo, BofA, chase, golman would all be gone,
2. The former and current CEOs of the above would all be Leroy's bitch in the joint,
3. AIG and several other insurance companies would be gone,
4. The FED would be gone since Earthquake caused from all these slime balls crashing would have cause a HUGE restructuring....
But we don't have any of that because all the aforementioned were bailed out courticy of the US tax payer....of which there are fewer and fewer every year.
I'd LOVE some capitalism. If only we could get some.
Squid
I didn't think I needed to use the /sarc tag................
Rahm's actually considering the recently vacated post of chief executioner at ISIS. Reckons the longer term prospects are more attractive than his current position and once he gets into the swing of things, that the overtime & bonus payments are directly correlated to the head count.
Vicious LITTLE fucker is Rahmbo.
All I hear is how Rahm is so tough, a little pitbull. The guy is a pussy with a big mouth. He talks tough when he has the force of government behind him. He's a cunt and if I ever met him, I'd punch him in the cocksucker
Well they are not that far from Detroit.
Ya and Detroit is doing really good!!
It's all good. There will just come a time when the pensions will not be paid.
The real question is why do government workers get pensions, at all? The answer is that 50 years ago, corporations paid pensions. That ended 40 years ago, for corporations. But the govt. is trapped in the past.
Nobody is getting their govt. pension OR SS. Oh sure, you might get the fiat $ but what will it buy?
Nothing.
Assorted thoughts of an economic nature:
1. Chicago had a recent mayoral election, and Rahm's main opponent was Jesus "Chuay" Garcia. While Rahm is bad, Jesus Garcia would have been worse. Jesus Garcia got the support of the public school teachers unions, and they are more keen on raising taxes to solve the pension problems. The head of the teacher's union, for example, advocated a tax on financial transactions at the Chicago Mercantile Exchange and the Chicago Board of Trade.
It seems to escape those folks that, if a tax is imposed on financial transactions, the Board of Trade and the Merc would move out of state, say to Florida or Texas, resulting in a decrease in tax revenue for Chicago and Illinois.
2. This public pension crisis is corroraborting evidence for the Public Choice School of economics. The Public Choice School of economics looks at government officals as economic actors. In more straight foreward terms, this School subscibes to the Politican As Crook Theory of Government.
Chicago and Illinois poiticians from the 1970s to 2000 supported generous public pension programs. That is causing a problem now because of the surge of retirees due to the Baby Boom generation retirering. But those politicians who supported generous pension programs knew that they wouldn't have a problem till decades later, when they themselves would be gone from office. Those politicians were simply kicking the can down the road. But we are at the end of the road now.
3. The Illinois State Constitution is clear that public pension's can't be dimished. I favor the bankruptcy option. Federal bankruptcy law will supercede that damn provision of the Illinois State Constitution. No taxes would be raised. Yes, money lenders and governement bureacrats will take a hair cut. But I don't care about money lenders and government bureacrats. Those who do must be from another planet.
If a bundle of municipal bonds fell in the forest and nobody was around to hear, would it make a sound?
Government employees recieve two pensions - their social security and any savings or investments they may have and the government pension which the majority is paid for by the public. Why? Most americans have no pensions at all and the few that do are considered extremely fortunate. Just because you work for the taxpayers doesn't mean you deserve a taxpayer supported pension. I think everybody should have two pensions and make it fair! No Judge anywhere is going to rule a reduction in benefits, just pass the bill to the taxpayers. It appears the plan by the mayor is to just let the pensions run out of money. That is what I would do.
jj
This is actually perfectly reasonable and just. You shouldn't be able to arbitrarily pick and chose which contract to break when you run out of money, this is what bankruptcies are for.
things will unwind faster as the value of paper money nears zero
at that point Richard Trumka will take charge of the government worker's insurrection: http://www.thesupernaturalist.com/ROTTENTRUMKA
Trumka is the most powerful man in Washington D.C. When Trumka says "frog" union bosses jump.
Twinkle-toes Rahm was installed as mayor of Chicago to ensure that the bankruptcy forthcoming will ensure the tribe wins on all fronts. Another khazar was installed as governor of Illinois as a fallback safety valve for the tribe. Chicago will be the model for the khazar-induced nationwide bankruptcies set to begin.
he'll get a fed bailout from his butt buddy Barack.
I thought bankruptcy was a Federal venue, thus the unrealistic ruling of how future events were foreseen and the consequence of that 'soothsayer' forecast will head to the US Supreme Court. Now one has to also look at darling Detroit and see that the reality of Detroit’s financial mess yielded no great Karzan fire sale that can be profited from, now or in the future.. The flat out facts are that the unions are party to this mess and hid it from their retirees, and with no union.. well it's a real round about that will leave the pensioner with nothing if this goes on to long.
Seems she also left out the trustee part of things.
Why is something ruled "unconstitutional" only when that something works for the public interest?
Lock up the ponzi scum.
The COMMUNIST DEMOCRATS are running out of other people's money to steal. That is what happens when you promise to much FREE stuff to the non working, illegals, and the low information libtard progressive communist democrats.
This country is 100 % bankrupt.
WWW.USDEBTCLOCK.ORG
Uh oh, did another socialist run out of other peoples' money?
But still plenty for socialist bank bailouts! That pot of gold NEVER runs dry!
Why should the city of Chicago be allowed to CUT BACK on their pension obligations? Corporations in US can't do that. There is this little thing called ERISA that does not allow that for private companies. Don't promise such big benefits in the first place. But when you do yes you should be on the hook for them. I am not a city worker. Once you promise the wages and people work for them yes Rahm you actually have to pay them. Maybe he city of Chicago can Cut Back on some of their fountains. I think Califorina is gonna have a worse problem down the line. But don't promise the pay if you can't actually make the payments. The ruling is correct.
"The Employee Retirement Income Security Act of 1974 (ERISA) protects the retirement assets of Americans by implementing rules that qualified plans must follow to ensure that plan fiduciaries do not misuse plan assets."
Read more: http://www.investopedia.com/terms/e/erisa.asp#ixzz3h4Atii3eFollow us: @Investopedia on Twitter Says nothing about changing benifits. O'K. go after the trustee. LoL
A promise is a promise. Pay up like you promised, regardless of the pain.
Good for Greece, good for the USA!
Rahm Emmanuel, another dual citizen ZioNazi Jew. Wherever they go , they fuck things up and steal you blind.
Remember it was the Chicago ZioNazi tribe that got their mullato monkey puppet into the White House.