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Illinois To Delay Pension Payments Amid Budget Woes: "For All Intents And Purposes, We Are Out Of Money Now"
By now, Illinois' budget problems are no secret.
Back in May, after the State Supreme Court struck down a pension reform bid, Moody's move to downgrade the city of Chicago thrust the state's financial woes into the national spotlight.
Since then, the situation hasn't gotten any better and despite hiring an "all star" budget guru (for $30,000 a month no less), Bruce Rauner was unable to pass a budget in a timely fashion leading directly to all types of absurdities including everything from the possibility of shortened school years to lottery winners being paid in IOUs.
Now, as Bloomberg reports, pension payments are set to be delayed. Bond payments, apparently, will still be made.
Illinois will delay pension payments as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said.
The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into its fourth month with no signs of ending. Munger said her office will postpone a $560 million retirement-fund payment next month, and may make the December contribution late.
“This decision is choosing the least of a number of bad options,” Munger told reporters in Chicago on Wednesday. “For all intents and purposes, we are out of money now.”
Munger said the pension systems will be paid in full by the end of the fiscal year in June. The state still is making bond payments, she said.
“We prioritize the bond payments above everything else,” Munger told reporters.
And from Reuters:
Illinois Comptroller Leslie Munger said on Wednesday a $560 million November pension payment will be delayed due to a cash crunch stemming from the state's budget impasse.
Despite the delay, state pension funds will be paid in full by the end of fiscal 2016, Munger said at a news conference in Chicago.
Here's some color (again via Reuters) from Tuesday's preview:
Oct 13 Illinois' budget impasse has reached a point where full and timely payments for big ticket items such as pensions could be in jeopardy, the state comptroller's office indicated on Tuesday.
Comptroller Leslie Munger set a Wednesday press conference "to discuss the significant cash flow constraints the continuing budget impasse is placing on state finances and the challenges of making timely state payments in the months ahead," according to an advisory from her office.
The battle between Republican Governor Bruce Rauner and Democrats who control the legislature has left Illinois without a budget for the fiscal year that began July 1. However, the state is required, even without a budget, to put aside money each month for pensions and debt service on bonds.
One wonders what these means for Chicago's bankrupt school system, which, as we reported early last month, was depending upon nearly a half billion in funding from Springfield to plug a gaping budget hole. Further, this would seem to suggest that anyone who wins more than a few thousand in the Illinois lottery can go ahead and figure on getting a pieces of paper with Bruce Rauner's picture rather than Ben Franklin's for the foreseeable future.
We also encourage readers to review this piece by Reuters in full as it contains several of the most egregious examples of government waste and inefficiency you'll ever come across and goes on to say that reform simply isn't an option, as the Illinois legislature is filled with lawmakers who have at one time or another themselves benefited from the state's sprawling local bureaucracies. Reuters also says it has identified nearly a dozen instances where husbands employ wives, mothers employ daughters, and fathers hire sons," suggesting nepotism weighs heavily on the already elephantine system.
Bear in mind that this is the same state whose court system refuses to allow efforts at pension reform to move forward, and while all of this may seem like a recipe for default disaster, just remember, PIMCO sees a lot of "long-term value" in Chicago's debt.
Finally, a look at just how underfunded Illinois' pension system truly is:
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http://www.familytaxpayers.org/ftf/ftf_district.php?did=14957&year=2012
Part time at that.....
Name: Marino, Jay
Salary: $208,000
Position: District Superintendent
Full/Part Time: Part Time
Percent Time Employed: 100%
Assignment: Administration
Years Teaching: 20
Degree: Doctorate
School Name: Dunlap CUSD 323
District Name: Dunlap CUSD 323
eacher Details Name: Burke, MichaelSalary: $145,832
Position: High School Teacher
Full/Part Time: Fulltime
Percent Time Employed: 100%
Assignment: English (Grades 9-12 Only)
Years Teaching: 29
Degree: Master's
School Name: Wheeling High School
District Name: Township HSD 214
Name: Froehlich, David
Salary: $151,156
Position: High School Teacher
Full/Part Time: Fulltime
Percent Time Employed: 100%
Assignment: Health Education
Years Teaching: 37
Degree: Master's
School Name: Rolling Meadows High School
District Name: Township HSD 214
.
The part time Board member definitely doesn't deserve to get paid over $200K. On the other hand what kind of salary do you expect to earn teaching high school after over 35 years there - $60,000 a year?
IMO after 35 years on a job you should be at the top of your pay scale for that work and making $140,000/year under those circumstances as a teacher in high school is not something I would take issue with. The guys both probably deserve it just from all the BS that they've had to put up with from the kids all of those years . . . .
But when you figure one is an English teacher and 40% of high school grads graduate reading at a 5th grade level. No, maybe he is over paid. But, maybe not, he personally might be an awesome teacher for all I know.
And ....Puerto Rico??!!
what about Homer's pension?
One dozen Lard Lad doughnuts a week.
Rename Springfield Athens and call Christine over at the IMF. It appears you may need a little, how do we say this delicately, restructuring. This means you are going to have to start dumping all these parasites you employ due to political considerations. Or simply go belly up. Ain't Socialism grand?
Yarr, captain, I be seein' dem black swans ober da starbard bow....
Fuck them. Glad I left and I'm never going back.
Couldnt happen to a more derserving group of people. One day they will pay dearly for their idiocracy.
Not before the majority of us do...
Pardon my naivety, but are they literally going to stop pension payments until the Fiscal New Year?? The place will go up in flames....
No.
Don’t lend money to Illinois Pensioners.
Just say’in.
WARNING$$$$THIS A BI-PARTISAN SCANDEL$$$$$
I DON'T EVEN NEED TO WATCH THIS BEFORE I RECOMMEND IT TO YOU. All of you republicans collectively put this human trash in office, a pedophile, put him second in line to the presidency and kept him there 6 years. CLINTON BLACKMAILED HIM with impunity and Bush kept him in place to do his DEEP STATE bidding. YOUR PRESSITUTE MAINSTEAM MEDIA WON'T SAY SHIT ABOUT THIS KNOWN PUBLIC PEDOPHILE BECAUSE THEY are actually OWNED by the same OWNERS that OWN the government. WATCH AND LEARN how YOUR GOVERNMENT REALLY WORKS.
https://www.youtube.com/watch?v=Urz-79upuLg
People need to see this.
Now you know one of the reasons they say one thing and do another. Many are captured by blackmail before they even start, in fact that is why they are allowed to start. Hastert was IMHO a warning to certain members of the Supreme Court before the last round of votes. Vote how they are told, or suffer the same fate as Hastert.
but but but the CUBS tickets are going for $2000 a piece..
GO CUBS! First the White Sox and now the Cubs...if they go all the way, be very afraid. Im pretty sure that is one of the signs of the apocalypse
Late eighties I would alway drive to San Diego to watch the Cubs play PAdres, but really only to sing with Harry in the seventh.
Maybe we should just let Detroit annex Chicago, like south-west Detroit and move Michigans border to the Mississippi.
At least the State of Michigan can pay their fucking lottery winners . . .
We are on the virge of a Socialist Utopia.
I know a place where there are no cares;
Where each has an equal share;
Where there are no unfulfilled desires;
And all the world is buried there.
Where the mean conservatives have vacated Illinois.
Tax till all income is taken by the government and redistributed.
Greece is the word.
Isn't it spelled grease?
Yet, another word.
Get jiggy.
Fedster, more clicks please or more sheit to put on the side books!
Coming to California SOON.
Nah, Moonbeam invented a new accounting system that somehow always magically balances.
I'm still waiting for word on how that high speed train is coming along.
Maybe Cali and Illi can get joined at the hip and form a new "diss"-union. They can ship their bankruptcies to each other and form their own country.
They can keep their medical distopia, thank you very much.
Suckk it, suck it, suck it
Maybe if they gave money to Chicago instead of terrorists, this wouldn't be an issue.
To Obama’s credit, no pallets of $100.00 bills were lost under his watch.
How do you know that?
Yes, Obummer gave a trillion of our tax dollars to help train and equip ambigous terror groups in Syria he called "moderates" but were really ISIS. Dummass
There's always the "we spent on this when we should have spent on that" argument. Should have spent on defense. Should have spent on welfare. Should have spent on infrastructure. Should have spent on education. Should have spent on health care. Should have spent on space exploration.
How about "Shouldn't have stolen it from me in the first place. I would spend it more carefully and wisely than you ever could!"
Sure happy that my pension is Federal. USAF retired. We will likely be the last of the pension funds to go bust. The active duty guys who are large and in charge and due to retire within not many years will be very unhappy to see military retirements not be honored. I will ride that sucker til the ponzi sinks and be stacking with it right til the end.
That bag on your head becomes you.
This is what Years of Democrat Government and capitulation to Unions get you! Ignorant low info voters deserve what they got...you just can't fix stupid! It's about to get serious...California is next!
https://www.youtube.com/watch?v=v0kv1qU4Lns
Pensions won’t get paid, but you can be sure that debts to large banks will be. Pension agreements are not going to be worth the paper they are printed on. I am sure the Illinois State Police FOP will be happy about this.
The safety unions will get paid (police, etc). It will be the other public workers who take it first. Guaranteed.
"Reuters also says it has identified nearly a dozen instances where husbands employ wives, mothers employ daughters, and fathers hire sons"
Wow a dozen? Seriously? So apart from the corruption involved, what does that have to do with a budget issue? In most cases the positions would probably be filled by someone anyway. And even if they were not how does that account for $billions of over-runs?
The problem is so bad and so big we cannot even see the edges anymore. So all we can do now is trip over the little things like nepotism and welfare queens? Ask yourself, what role did private for-profit "healthcare" play in sucking all the money out of the system -- by the 100s of $billions per year? How about half the population becoming obese on fast-food and TV and then going to the county clinic for their diabetes meds and amputations? What about the murder rate in Chicago, wonder how much that costs. How about the 30-years long exporting of tax-paying jobs to China and India?
See the pattern here? This is a vast systemic problem decades in the making. Sorry no it has not two shits to do with some guy hiring his wife. You fixate on that little crap then you are blown, you are toast, annihilation is going to hit your from a dark corner like a hungry tiger and eat you and everything you ever stood for while you stand there railing against some toady crony petty criminal hired his wife as his secretary.
Great points and great questions. The children in charge of "reporting" and "administering" public services don't seem to have an answer. I suppose those children don't have an answer because we have Children in Congress and the White House.
We are in a bad way. This was our last chance and we blew it. We will soon be on our own for a while. It will take a LOT more than an "election" to fix what ailes us folks.
"In most cases the positions would probably be filled by someone anyway."
Would they?
Someone, hmmm, perhaps the most qualified applicant should get the job. Lets try this.
And not just some asshole's brother/sister/wife/son/daughter/uncle/aunt/dad/mom/friend/cousin/poker buddy's kid/guy I owe'd a favor. This is where cronyism leads, right where you are Illinois wallow in it.
Ok, ok.
You can keep the kid on the payroll.
Don't want no hungry tigers jumpin out at me. Sheesh.
How about the 30-years long exporting of tax-paying jobs to China and India?
Sounds good to me. Let's export the government jobs.
The people of Illinois deserve what they get. They have allowed criminal Chicago to destroy the entire state. Exactly how does a Jew end up as Mayor of Chicago and Warden over a state of Farmers?
You snooze you lose Illinois.
By the way: It only gets worse from here.
This is absolutely correct. Illinois is really two states. Chicago, and the rest of the state. Downstate Illinois should secede. In fact, all non-urban USA should secede.
“Public retirements… [are] legally binding obligations that were entered into freely by both sides.”
Both sides?
What “both sides”?
Who was present or represented during such contract talks?
Let’s see, on one side of the table were public employees, their labor unions and their toadies in the legislature. On the other side were… no taxpayers… there might have been a dozen or so legislators. For all practical purposes, no one was on the other side. So we’re talking about “one side” – not “both sides”.
So, in this situation, there is no such thing as “contractual obligation” – just a gang of pirates and useless idiots who have developed a voracious appetite for the flesh of taxpayers who never knew what hit them. In fact, many of such taxpayers weren’t even born when such “contracts” were finalized.
But wait, there is more. If we examine the method by which they compute their retirement amounts and compare it to what privately-employed persons receive when they retire, we see the cheat again. With equal earnings over 40 years (private and public employees), legislators, judges and public employees have designed formulas that give privately-employed retirees 40% of what publically-employed persons receive.
Why I saw so many public employees around Chcago drive top shelf Mercedes and BMWs .
winning the lottery is already a strange beast, you can take less cash, or more money with payments deferred, and at one time the cash appeared to be the correct answer, but now, where do you put that cash, in a bank account that charges you? zero yield bonds? dividend stocks? you know they give you 3% while your prinicipal drops 50%. then they cut the dividend.
the profliferation of cash settlement businesses tells me maybe taking the deferred value is preferable to taking the cash. so what if ILL was to issue script to pension recipients, would that be such a bad thing when money in banks is being taxed? do you think they're going to let mortgage companies foreclose on people who can't get money out of their pension funds? no. let the state keep your money, just give me enough for beer and beans, and put a hold on the creditors. everything will be fine.
or maybe those kids in chicago will actually have a reason to shot each other, the world grows incrementally more logical as we speak
but now, where do you put that cash, in a bank account that charges you? zero yield bonds?
If you're in the lottery, you've already checked the "I'm stupid" box. Now you're looking for an "intelligent" way to store the winnings? Since you've already checked the "I'm stupid" box, just buy more lottery tickets.
A guy in Texas demanded a lump sum $20 million payout, they told him he had to take $1 million a year.
He demanded his buck back for the ticket.
The guy was "from" Washington DC.
So polititions being bribed by public unions for very generous retirment plans that will be paid for by future yet unborn children is not working?
Please refrain from micro aggressions or we will cancel your rfid.
shocking, isn't it. go figger
Nice.
Another communist state sucked dry by government unions.
Get ready to do more "fair sharing" all!
Couldn't they auction Barry Obongo's and Rahm OhManUSmell's Man Country memberships for a few bucks?
I wonder what would be the reaction, if say just Chicago public school pensioners were all gathered into an auditorium. A speaker comes forward and announces quietly, that the system is broke ....................................
However, he quiets down the crowd, and then introduces another. This person begins with putting up on a big screen an image of a memo that might look something like this:
http://eagleonetowanta.com/wp-content/uploads/2015/04/US_Treasury_Federa...
Person 1 4.5 Trillion 35%=1.6 Trillion Fed Tax
Person 2 14.0 Trillion 35%=4.9 Trillion Fed Tax
Person 3 13.2 Trillion 35%=4.6 Trillion Fed Tax
Person 4 24.0 Billion 10%-2.4 Billion Fed Tax
Total 31.31 Trillion 11.34 Trillion Fed Tax
He explains that the memo is authentic. The amounts shown here in 2011 are real. They did reside in the U.S. Treasury. All amounts sitting there, not being applied to any other account(s).
He then explains and adds to this, that 1 trillion of those total funds are earmarked for a transnational high speed (maglev) rail system. He shows how it will cross through their state and city, and that this will generate revenues not only from the rail itself, but more from residual business (hospitality, retail, etc.) [1] He announces that construction for this project is to begin in Jan. 2016. That it will employ 2,000,000 permanent jobs, and spin off 10 times in contract and project work. And the "icing." All from private funds, and not a dime from the taxpayer.
Any questions?
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
-------------
[1] Not to mention revitalizing the steel industry. Maglev cannot use conventional rails. All the rail will have to be manufactured. On top of building a next generation power grid (that can be shielded against solar flares and/or enemy EMP)
Didn't Ayn Rand, poorly, write that book?
Did someone drop you on your head at birth?
Why can't I edit my own post?
Revised totals:
Total 31.724 Trillion 13.1024 Trillion Fed Tax
. . . . those total funds are earmarked for a transnational high speed (maglev) rail system . . .
I really don't get it. What is it with you people and your "high speed rail system" BS anyway? Every time I see this stuff on-line I can't help but thinking about the Simpsons episode called the "Monorail" - here's a clip from that show that says it all (or a lot of it!):
https://www.youtube.com/watch?v=wJ5CbLnSjo0
For one thing, once it is completed the only people that a high speed rail system would serve are those going from very select major cities to another - airlines do that just fine right now thank you and probably at about 20% of the cost of one of the tickets on a "maglev train".
For another thing the projections about all the jobs that this effort would create are nothing more than that - projections - and based on how people tend to over inflate those kind of projections I would bet that in reality the number of real jobs created out of that effort would be less than 50% of what's being thrown around.
Lastly, and most critically, the USA needs TONS of regular infrastructure repairs and improvements FAR MORE than we need something like high speed rail. Get all of the shitty roads, broken water systems, the EMP sensitive power transmission system, failing sewer systems and deteriorated bridges fixed and then we can talk about another pipe dream like "high speed rail" . . .
Call Uber and tell him to pack a lunch.
Still would be cheaper than a Mag-Lev train.
It certainly seems like a paradox. Every single metropolitan city in North America is building high speed rail. Come hell or high water, the train must come through! Regardless of affordability, it must be built. How odd indeed.
Cui bono?
Well, I think we folks have to try to look from outside of the box. We are in the box and our lenders are outside looking in at us thinking of what to do.
I can only speak for myself but where I live, there is a shitload of "public" debt which is owed to foreigners. I suspect our land was given up as collateral to our lenders and now they want us to pay back. We are being forced to build high-speed rail because it will be needed --- but not just for us.
My guess is that we are going to see a tsunami of immigration of 3rd world lowest wage earners that will make our jaws drop. There will be a need for high speed rail whether we like it or not.
It was a really good lie. While it lasted.
Just wait 'till the city tells the sanitation workers that their pay checks will be 'delayed'. Rahm's gonna have to move to an underground bunker.
CHAPTER 11 next just like Detroit.
For a state it would probably be a first time in modern days...but PR might be first in line. Or maybe see how it works out for Greece.
Puerto Rico cannot take Chapter 11.
They need to, but they can't.
Chapter 9?
You're right. It would be Chapter 9. Puerto Rico still has no access to bankruptcy court.
see how great the government is..................oh yeah i feel the big red white and blue dick being forced in my ass now.............
$102.8 Billion under funded and let me guess. s/
It has nothing to do with TBTF, Wall Street, Deregulation, Accounting Control Fraud, Fraudulent Financial Ratings, Fraudulent Financial Reports, USURY, Lobbying in Washington, LIRP/ZIRP, Fed Funds Rate, lack of good, high quality Bonds or Treasuries with safe returns.
- I don't expect Politicians or Free Press to reveal damage from Wall Street Schemes
I should read some of this stuff some day.
1981 - Executive Order 12287, (R. Reagan, removed price controls on Petrol)
1984 - Caribbean Basin Initiative (Free Imports to USA)
1992 - Energy Policy Act (H.W. Bush)
1994 - WTO Authorization, Fast Track Authority for US President
1994 - NAFTA, Deregulation of Trade, 3 Nations (W. Clinton)
1995 - Community Reinvestment Act, the Clinton Admin urged flexibility,
1996 - Energy Deregulation (W. Clinton, followed by ENRON Scandal)
1996 - Telecommunications Act (W. Clinton, cross ownership)
1982 – Garn–St. Germain Depository Institutions Act
1999 – Gramm-Leach-Bliley Act
2000 – Commodity Futures Modernization Act of 2000
2002 – Sarbanes–Oxley Act
2003 – Fair and Accurate Credit Transactions Act of 2003
2006 – Credit Rating Agency Reform Act of 2006
Fine.
Where do I send my $1000 dollar contribution so I can get awarded an Illinois Pension too.
Good summary of how .gov has totally screwed the People through changes in federal law over the past 30+ years. There is one way to characterize those changes . . . . it's called FASCISM. Defined by Mussolini as the marriage of State and Corporate power.
Dickweed Wang; thanks. I cut it down.
Appreciate the feed-back last time.
Let's go now live on the street to see what the average Chicagoan thinks of this:
Uhhhh, DA CUBS!! DAAA CUUUBBBBSSSS!!!!
Let the bail in begin!
next will be the 401k tax...uhmmmmm......taxpayer assistance deposit fee!!!
Yea! That's it.
I always like reading about Illinois on Zerohedge. Just don't kid yourselves folks, this show is coming to a theater near you in some way shape or form. Good luck.
This is what happens when you violate the Laws of Nature, i.e. when you violate the Hierarchical Loyalties to your Kind, in favor of another Kind.
If your Belief System encourages you to offer unqualified altruism over qualified bargains or group loyalty, then you need to examine or abandon said Belief System. Because, in the end, Nature's Laws always win over man-made laws and concepts. No matter how well-meaning these concepts are.
THE MORE YOU KNOW, THE LESS YOU NEED TO BELIEVE. AND VICE VERSA.
Which is why those In The Know, don't want you to know, and want you to Believe. This conditioning (the 'Need to Believe', rather than 'Need to Think') starts early for most people, especially on Sunday mornings.
IOU's for lottery payments... pensions on hold...Damm if Illinois isn't Democrat utopia right down here on earf.
immanitize the eschaton progtards.
If Emanuel could only figure out a way to hire 100 new Police Capt's like McCarthy, that would take care of killing an extra 180K of people a year..
No worries; I'm sure there is a pot of money to steal from somebody. A once great state turned to shit by Libtards and their idiotic socialist policies. Detroit is your future Chicago.
www.traderzoo.mobi
And people have the nerve to call Detroit's financial problems a laughing stock . . . their problems are/were chickenfeed compared to the problems throughout the ENTIRE State of Illinois, not to mention Chicago.
Maybe it's time that Illinois start dipping into those protected assets in the funds they hide from the public. See http://cafr1.com/ for more on this scam that is pulled by every level of government from local, to state, to federal. Like Bush I said in the early 90's; "If the public knew what we were doing they would hunt us down in the street and lynch us" (paraphrased).
Fox, CNN, etc: crickets...
Christ, there are some bitter people on the internet these days. Seems like only manically depressed people populate the comments section. I'm sorry your lives suck so bad, I really am, but making ridiculous, hyperbolic comments on an internet forum is not going to make it better. Get out of the basement and go get a little excercise. Illinois' finances are unsavable. California has no water. The whole south is a walking heart attack of obesity...money is relative, life is relative.
Christ there are some DUMB people on the Internet.Did you not get the memo? These are ALL trades. Illinois is gonna be epic.But you keep busy whining about whiners.
the parabolic comments really annoy me
The greater Chicago area is one giant shithole of corruption with millions of I-want-my-shit-'fo-free assholes. It will be amusing, from a safe distance, to watch this giant ghetto go cannibal.
This might be an appropriate anthem for future Chi-Town.
https://www.youtube.com/watch?v=595CtcuXeLE
Good beat and easy to dance to on your way to a meal.
I give it a 10.
See if Lord Rothschild will let you borrow his printing press for a few minutes.
Let them eat IOU's!
So what they've been doing is enriching themselves through the lottery system instead of education and why they can't pay recent winners.
Why do we need formal states anyhow? They can go from a "state" to being the Federal Provice of Illinois. State government is expensive and unnecessary. It's just like letting your college graduate move back into the basement.
A great part of the federal government is redundant. Let the states handle the matters not delineated as federal. The country would be patchier, but better.
It will be interesting to see what happens when cops, teachers, firefighters, the rest of the LOCAL and STATE HACKS take a big haircut.
No more free preseciption steroids for cops would be a good start.
well at least we gave the good folks of syria rebel army half a billion in training and an unknown couple million in weaponry
Corruption
Vote buying
Yet we as a country blow the hell out of other countries only to rebuild them... go figure.
The snake WILL eat its own tail
As State and Local government get bigger the more taxes it has to steal to fund itself. The bigger the pie the hungrier the thief .
Slash the EBT cards and fund the cops, firefighters.
Pick up a .357 and eliminate the cops.
LOL – not meant to harm the COPs. COPs are not crime fighters. They are traffic patrol. We don’t need them.
Pick up a .357 and eliminate the cops. LOL – not meant to harm the COPs . . . . . . . We don’t need them.
An armed society is a polite society.
If you own a business in Illinois, with any sort of significant revenue stream, GTFO.
If you live in the area... Have you prepped?
Cos when they stop paying emergency services salaries...
The only worthwhile preparations you can make up there are a full tank of gas and a U-Haul.
There is no excuse for not paying.
Even if the fund is 20% funded - the money is supposed to be there and can be withdrawn to pay. Only when the account is 0 can you not withdraw to pay.
I would guess (likely not a guess, its reality) that, like the SS system - there is NO money in there - its all IOU's. Politicians have taken all the actual cash out and used it for other purposes. Payments were being made with other monies that are now gone.
Ponzi scheme style, they were being made with tax receipts or payments from other, new pensioners. Those slow down or dry up and you are done. I cannot think of another reason why any pensioner would not be paid.
Budget or no budget - if the account contains actual cash there should be no reason NOT to pay, and no reason to delay payments unless the entire state govt is closed and there is no person to process the payments.
This is a matter of payments into the fund, not payments from the fund to the pensioners.
Bwahahahahahahaha.
If only they'd been stacking gold, then they could sell it and.. they'd be even broker than when they bought it! Lol.
Goldbugs...
If only they'd been stacking gold, then they could sell it and.. they'd be even broker than when they bought it! Lol.
Goldbugs...
Tax Chicago shootings.
Working well for the former Senator from Il... Track records count. Golf is expensive especially when you keep taking lessons and suck even worse therafter. There is no hope and a lot of change forked out to a 1 percenter wannbe.
So pensioners will take to the streets to protest for their money.
And youth will take to the streets to protest for a job.
http://www.zerohedge.com/news/2015-10-14/generation-crisis-world-needs-5-million-jobsmonth-stymie-youth-extremism
Sounds like the Springfield, IL capitol will make Ferguson seem like a picnic.
" Chicago and its suburbs are also home to a large and growing population of Hindus, Muslims, Baha'is and Buddhists. Illinois has the largest concentration of Muslims by state in the country with 2800 Muslims per 100,000 citizens"
YES all your problems can be fixed with more muslim immigrants
Oh, stop it. I seriously doubt that Illinois' budgetary problems were caused by immigrants.
If they kicked out the locals and let the fan belts run the place, it couldn't possibly get any more venal and corrupt than it currently is, and might even improve markedly.
i didnt said they are caused by it, but obummer said he want to let in 100.000 muslim immigrants every year from now on
100.000 officially means 400000 unofficially per year
This is terrific news: it will bring home to the morons who depend on the State, that they cannot rely on promises made by the clique of megalomaniacal sociopaths who enrich themselves and live in palaces at the expense of the productive members of society. Not for nothin', but if your pension depends on the State, then fuck you, you tax-feeding parasite.
And the nice sting in the tail: the schlubs get their pensions deferred, but the big end of town - capital - gets their bond payments. It's the perfect "Fuck you, peons... we know who we actually work for."
Kinda like when a pig or soldier shoots a civilian on orders from a politician... shows who they really work for.
Also - while I'm here - ZH is fond of trying to score cheap 'zinger' points by attacking Econ101 as if that's what "Economics" is... and yet economics as a discipline (after first year undergrad) has known for more than two centuries that fiscal mismanagement is baked into the State cake.(The cake itself is a lie, and is iced with poison... but more on that later).
We economics grads who studied for more than one term in first year (for whom the standard micro perfect-comp S/D 'cross' diagram is just an expository tool), have known about the problems inherent in State budgetary management since Bastiat (and this has been refined into the 'principal agent problem' and Holmström's Theorem).
Just make a state pension tax, and make sure the out of town parasites get hit with it also.
1. Draw one big oval surrounding St. Louis, Chicago, and Detroit.
2. Erect a 25 foot electrified razor tape wall.
3. Coax Snake Pliskin out of retirement (he's not dead).
Leave Snake alone. We don't wany ANYBODY escaping.
They couldn't afford me !
Isn't that where the "Community Organizer in Chief" made wonderful contributions; where are the fruits of his labor?
Grew up in Chicago. A typical garbage truck collecting garbage from cans in an alley had 2 guys about a 1/2 mile in front of the truck, to remove the lids from the cans. The truck had a driver, a supervisor in the passenger seat who mostly read the newspaper, and 4 guys behind the truck to empty the cans into the truck. Contrast these 8 guys per Chicago crew with the driver and 2 guys who ran up hills to get and empty cans on a Raleigh NC crew.
Instead of paying 3 pensions per truck like Raleigh, Chicago pays 8 pensions per truck. The Chicago crews were inflated to feed the Democrat political machine in Chicago. The chickens have come home and are roosting.
Yeah, but didn't each of those 8 pay into the pension fund?
Yeah dipshit, but you realize that all 8 salaries have to come out of the taxes from the private sector for any of that to work. "Paying into" the pension fund from the government workers is like moving the cash from your right hand to your left.
Fuck government pensions and all of those who milk the system.
Usually, no....
It was part of their "Union negotiated package" that the state would provide them a pension and medical benifits for retirement.
Even if they did pay into it......Its takes a SPECIAL kind of idiot to say to a politician, "Here, take my retirement money and keep it for me till I need it.".
You do realize that Social Security is EXACTLY THE SAME THING.
Sit back and think about this for minute, that is what everyon in all OEDC countries have been doing for the last 50 years. And, knowing what you know now about politicians, does the concept of putting politicians in charge of your retirement fund seem like a good idea?
Squid
Or the one guy truck for the private scavenger services.
The two guys in front lifting the lids also looked into the windows of parked cars. If there was anything of value, a third team would come by and break into the car. I lived in Chicago and watched it happen outside my window in Wrigleyville. I called the cops and they told me to keep things of value out of the car. The cops couldn't have cared a less.
Chicago Fire battalion Chiefs making $200,000/+ yr. might have to sell their cottages.
Ask the Free Shit Wizard sitting in DNC audience last night.
Who was that glowing-blue man in the Democrat debate audience?
Credit to. http://www.ihatethemedia.com/
Inevitable
The first thing I did when of the right age was remove all my accumulated super funds out of govt hands. In fact I was planning it 18 months before and couldn't wait to do it. One thing I will never trust is a State govt (or any) with my money.
I just have to add this: HEY ILLINOIS! SCREW YOU AND YOUR ISLAMOTRAITOR PRESIDENT YOU FOISTED UPON US VIA AFFIRMATIVE ACTION! NOW GO AND SUFFER! OH AND IF YOU TRY TO GET A BAILOUT FROM THE REST OF US, ESPECIALLY FROM CONFISCATING OUR IRAS OR 401KS, WE WILL ATTACK YOU! Now I have to go back to my regularly scheduled gun cleaning session.
They need the magic negro back in Illinois, he'll fix it.
Haha! Comment of the evening, sir!
Racist twat.
What about that guy with the amazing head of hair they put in jail... Rod Blogovejich. Let him out to save the day.
but see the positive there is still enough money to sendo to israel
I don't understand what the problem is, Why don't they just simply ask the ole Federal Reserve to print them a few bucks?
Just cut up some scrap paper, color it in with crayons. Should have the same value.