20% Of Illinois Lawmakers To Quit (To Save Their Pensions?)

Tyler Durden's picture

Authored by Mike Shedlock via MishTalk.com,

20% of the Illinois House announced will not run for reelection, many of them are cowardly, corrupt Republicans who voted for a tax hike.

It’s a Huge Stampede for the Door the likes of which Illinois has never seen. They do not want to face voters after passing a huge tax hike.

Thirty state lawmakers in the 100th General Assembly will not be holding their seats in the 101st General Assembly. And that’s not even counting those who might be ousted at the ballot box next year.

 

The exodus is unlike anything Springfield insiders have ever seen.

 

In the House, 23 lawmakers will not return to their seats in the 101st General Assembly. That’s nearly a whopping 20 percent of the chamber. The situation is less severe in the Senate, where seven members are certain not to return.

 

Of the 30 total members of the General Assembly who will not hold on to their seats, three have resigned. Twenty are not running for re-election. Two are House members running for Senate seats. And the remaining five are running for office outside the General Assembly: one for governor, two for lieutenant governor, one for attorney general, and one for a seat on Chicago’s Metropolitan Water Reclamation District (yes, really.)

 

But the most likely driver is pretty obvious to most Illinoisans: the rage of constituents.

 

I am not digging into this right now, but I remember in older years, where some politicians would be eligible to get government pensions if they “retired” from their seats as opposed to getting voted out.

Allied Van Lines

Truth in Accounting asks Fleeing or Flocking?

United Van Lines has published an annual interstate migration study for decades. Looking at that study, along with state government financial conditions and related factors, you typically see that states in bad financial shape also tend to have lower trust in state government, and in turn, higher out-migration in recent years.

 

In addition to states’ migration trends, United Van Lines recently began publishing an analysis of cities. Using a slightly different method, the moving company reported the 10 cities with the highest net in-migration as well as out-migration.

 

We took a look at those cities to see how they fare in Truth in Accounting’s latest analysis of financial conditions of the nation’s 50 largest cities. Of the 50 largest municipalities, the average Taxpayer Burden calculated for the nine cities with the highest in-migration is one-fourth as high as the average for cities with the highest out-migration. Four of the cities with the highest out-migration rates were New York, Chicago, Boston and San Diego, according to United Van Lines.

 

Here’s another way to look at it — the average Taxpayer Burden for the six states that have the 10 cities with the highest net out-migration runs five times as high as the average of the Taxpayer Burden for the nine states that are home to the top 10 cities for in-migration.

 

Illinois, New York and New Jersey account for five of the 10 cities with high net out-migration rates in the United Van Lines study. You can see the lists of the cities United Van Lines ranked here.

 

We will be releasing an updated report on the finances of the 50 largest cities in the US in January 2018.

Goodbye Illinois, Hello Florida

The Chicago Tribune reported Fed-up Illinois homeowners consider moving: ‘It’s not just the property taxes on my home; it’s all of them’

The day after the Illinois legislature voted to raise the individual income tax rate from 3.75 to 4.95 percent, Northfield-based financial planner Ellen Rogin said she started getting phone calls from clients who are residents of Chicago with second homes in Florida.

 

The clients, according to Rogin, were saying “I’m worried about Illinois. Should I be moving to Florida?”

 

Rogin said anyone considering a move has to look at lifestyle, not just taxes.

 

Chicago certified public accountant Debbie Lessin said that when people consider a move for tax reasons in retirement, they may be missing a crucial element of Illinois’ tax system.

 

Illinois doesn’t tax retirement income from Social Security, pensions and IRAs, an advantageous provision for retirees living in the state, she said.

The above synopsis is from the Tribune courtesy of Mary Pat Campbell.

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MozartIII's picture

When they loose their pensions. Justice will be served!! A little bit anyway.

EBT excepted's picture

dey ain' gon' looze dey pehnshuns brothah...dat not da way it be woiks...dey toin yalls intah da soylahnt green befo' dat...

erkme73's picture

What if they TIGHTEN their pensions (vs. loosening them)?

Manthong's picture

 

I seem to recall something about rats leaving a sinking ship.

Some future Illinois Congress will have to make pension reform retroactive 20 years or so and claw back some of the thievery.

 

espirit's picture

Put ankle monitoring on those rats.

That way we can track them down here.

(the gators don't mind)

YUNOSELL's picture

We're nearing the end of the big illusion folks

Theosebes Goodfellow's picture

Coming to a statehouse near you....

Five Star's picture

Every state's pension underfunding given realistic market values put in terms of tax revenues. Terrifying 

http://thesoundingline.com/accounting-for-reality-pension-funds-are-in-b...

Freddie's picture

These evil shit bags with their gold plated pensions are coming to a steakhouse near you.

Keyser's picture

Not to worry, the Dims will trot out Congressman Luis Gittierrez from IL to cry on camera, begging residents to not leave the state because the state has fucked them for decades with spending on pork and unsustainable government pensions... Yeah, that should work... Watch for Jerry Brown to adopt this tactics in the near future... som nam na... 

NoDebt's picture

"We're nearing the end of the big illusion folks"

A man of few words.  But well-chosen words.  Exactly right.

 

Antifaschistische's picture

but...how will it go down?  2 cities this year, 2 cities next year, 4 the next....OR, will something trigger an avalanche?

That is the only remaining question for me...and what will an avalanche look like?  The Socialization of all public sector pension programs?  50% haircuts across the board?  what about moral hazard?  If we toss 50 bill's to Puerto Rico, how can we not save our own cities?  Will the Fed free money program ever end?

Praetorian Guard's picture

...and I hope the NEW lawmakers nut up and shit can everything!!! Which would be hysterical. 

 

Come join us for FREE at www.gunsgrubandgold.com

 

ALL are welcome!!!

Chuck Walla's picture

It should be noted that Chicago’s Metropolitan Water Reclamation District is the outfit that had City of Chicago workers out to the 'burbs while on the city clock to campaign for Rahm's congressional run.  Plenty of money and privilege for the clouted. It's actually a step up profit wise if not in prestige.

MozartIII's picture

"dey ain' gon' looze dey pehnshuns brothah"

 

Yes they will! Most of them will loose their lives. They don't know history!!!!!

Swamidon's picture

Stop trying to cheer me up.

Rapunzal's picture

It's an irony, the lawmakers wracked the pension systems in the first place. Now they have to run away from the mess they created. It would be really funny if it's not for the little men who will suffer the most

MozartIII's picture

Not sure of your age, however in the next 7 years or so, this bitch is going tits up. Another 7 to 10 years after that, the US will be split and dead as you know it. The marxist will .......  never mind!  Re-start on the horizon.

Scuba Steve's picture

Probably have a clause that if they retire early they can roll quickly into Self-Directed IRA and out of the hands on the pension system.

just a thought.

SHEEPFUKKER's picture

I wonder if these quitters worked the extra OT just prior to "retirement" to get a more bigly pension. 

Juggernaut x2's picture

This dumb bitch (((Ellen Rogin))) glosses over the fact to her clients that IL property taxes are exorbitant as compared to a lot of the US? Plus Trump wants to eliminate writing off real estate taxes under his tax plan.

Stormtrooper's picture

Illinois must build a fence and pass laws that do not let Illinois "tax donkeys" leave the state.  Citizenship is perpetual and if you escape, you will be hunted down and returned to the plantation.

Spitball's picture

It's my view that most whom are leaving are fed up with the leftist bullshit going on in the state.

I wouldn't fear them.

It's after the state crashes, and the ones who stayed would be the ones I would worry about. 

Jethro's picture

On the contrary.  A person that would be considered conservative in Illinois, would be a liberal in Texas.  Y'all just stay put in the place you already ruined.

10mm's picture

The one's who stayed can't leave. Trapped.

RussianSniper's picture

I'm confused with the pensions the lawmakers will receive.

Do all USA workers get these pensions, or is it just the ruling elite and the unions?

Most Americans will be eating catfood and drinking water from the fountain.

nmewn's picture

The wonderful thing about contracts is, they can be modified/broken/terminated ;-)

Juggernaut x2's picture

Puerto Ricans and Illinoisans flooding FL- haha- enjoy. 

Herdee's picture

Abandon ship, the Titanic is sinking

peddling-fiction's picture

And cash your pensions tomorrow.

max2205's picture

Hey am I a blogger if I post print articles and make duplicate comments. .  Mish. Come on....

venturen's picture

just saw where a cop indicted for beating a guy in CT retired on $129k before charges...he had 20 years...not bad 45 years old $129k pension and walk from your conviction!

Run from Democrat states!

Swamidon's picture

Big Pensions for the Bullyboy police and also the Teachers who educated the Melinnials to such low standards, and of course the lazy fatass Civil Servants?  If there's any Justice in the world they don't get it.   

venturen's picture

Obama and the crooks of Illinois Done Good!

rejected's picture

Lucky us. They'll come down here to Florida and screw it up like they did their home states.

Don't believe me,,, Check out what the exodus from California has done to Oregon, Washington, Idaho and Texas.

Same for international... The Mexican legal and Illegal come here and want to change it to better represent the country they fled. 

Krink26's picture

Got out of Illinois twenty years ago. Live in Texas now. You are 100% spot on. This place has so many Californians fleeing high taxes and regulation. What do they want to do? Raise taxes and increase regulation. Go back to the place you already ruined...

10mm's picture

Can't stand those salad eating,vegan monkeys.

espirit's picture

Tis already screwed.

Been here most of my life in FL, but will leave if I must.

dchang0's picture

You did see the article about how the expected increased exodus from Puerto Rico due to the storm will turn Florida blue, right? That will happen much sooner than Illinois retirees' slow invasion of Florida.

itstippy's picture

Illinois is tapped out.  The money well has gone dry; they can't float any more big bond issues and they can't raise enough tax revenue to create enough money flow to make skimming a profitable enterprise anymore.  Government contractors aren't getting paid.  Who the Hell is going to grease your palm to land a fat government contract if there's no money in it?  It's OVER.  Time to pack the carpet bags and hit the road.

A few buzzards will stay behind to pick the carcass clean.  

No chance of a bailout from Washington, either.  Trump fucked up everything.  DAMN those Russians!!!

indaknow's picture

Unfortunately these muther fuckers that panic first will panic best.

10mm's picture

Bingo. Grand Fathered. 

Boris Badenov's picture

Tax their income even after they move out.

honest injun's picture

 Illinoisans?  I thought they were called "Ill annoyings"

Boris Badenov's picture

Illinois is such a Great State.

Home to both Barrack And Hillary. Go Illinois!

QEsucks's picture

You've already got a 2nd home in Florida? Duh, what are you pithed? You're asking your ...whatever should I move? No, if you're such a retard that it's not self -evident stay in the NE retard.

Lost in translation's picture

I'm unclear as to how they'll source an income if they're cashing out.

Don't they also take a big tax hit, too?

< confused >