Illinois has $120 billion in unfunded pension liabilities

[JBond]

IL is 47% funded? Based on what?

To see how your state is doing, go here: Does Your State Have A Pension Problem? - WSJ.com

And here: State Pension Plans: Liabilities, Funded Ratios

California and New York are in much better shape than Alabama and Alaska and Louisiana and Mississippi and a lot of other red states.

I know the Dems managed to screw up pensions in Kansas.

KPERS Debt Created under Previous Administrations

BWA-HA-HA-HA-HA!

Republicans have controlled Kansas forever, retard. Nice try.

33 out of the 46 governors of Kansas have been Republicans.


Kansas Senate

Kansas is one of the most GOP-leaning states in the country, and the Republicans have held a majority in the Kansas Senate for decades.

Kansas House of Representatives

Republicans hold a supermajority in the Kansas House of Representatives, and have controlled the chamber for decades.

Yep. It must be the Democrats fault...somehow.

Wrong. But that is OK. I'm used to it from you. Go back and read the link, chuckles.

Yeah, you keep telling yourself the supermajority of Republicans in the state legislature who control the purse strings aren't responsible. Oh my god, you tards are a neverending source of amusement.

Again read the link. It wasn't always dominated by Republicans. Or continue to act like an arrogant ass. I don't really care. All that really matters is you are wrong.

 

[g5000]

To see how your state is doing, go here: Does Your State Have A Pension Problem? - WSJ.com

And here: State Pension Plans: Liabilities, Funded Ratios

California and New York are in much better shape than Alabama and Alaska and Louisiana and Mississippi and a lot of other red states.

I know the Dems managed to screw up pensions in Kansas.

KPERS Debt Created under Previous Administrations

BWA-HA-HA-HA-HA!

Republicans have controlled Kansas forever, retard. Nice try.

33 out of the 46 governors of Kansas have been Republicans.


Kansas Senate

Kansas is one of the most GOP-leaning states in the country, and the Republicans have held a majority in the Kansas Senate for decades.

Kansas House of Representatives

Republicans hold a supermajority in the Kansas House of Representatives, and have controlled the chamber for decades.

Yep. It must be the Democrats fault...somehow.

Wrong. But that is OK. I'm used to it from you. Go back and read the link, chuckles.

Yeah, you keep telling yourself the supermajority of Republicans in the state legislature who control the purse strings aren't responsible. Oh my god, you tards are a neverending source of amusement.

Again read the link. It wasn't always dominated by Republicans. Or continue to act like an arrogant ass. I don't really care. All that really matters is you are wrong.

What part of "Republicans hold a supermajority...and have controlled the chamber for decades" and "Republicans...have held a majority in the Kansas Senate for decades" do you not understand? I'm here to help.

 

[LogikAndReazon]

Clearly too many taxpayer dependent civil servants on the state dole.......

 

[g5000]

It isn't just states that are underfunded. Quite a few corporate pensions are underfunded, and many have gone belly up.

Here's the thing. Pension fund managers think being next to a billion dollars of other people's money makes them smart. It doesn't. These idiots are hornswoggled by Wall Street traders. They are given box seats at football games, and all the hookers and blow they can handle. And then they do what the liars on Wall Street tell them to do.

These pension fund managers are idiots who have been assuming the old timey 8 percent return on investment still applies. It doesn't. Not even close, and no one wants to stop believing it.

Kind of like Trump's Chumps not wanting to stop bleeving his lies even after his massive hoaxes have been exposed.

 

[g5000]

Clearly too many taxpayer dependent civil servants on the state dole.......

No, it is all about erroneous assumptions about returns on investment.

When you look at the top 5 states in the best shape, most of them are blue states.

When you look at the lowest 5 states, most of them are red states.

 

[ColonelAngus]

Why do snowflakes suck so badly at math?

do you even have a clue as to what an unfunded liability is?

Yes.

Next question.

Pensions funded out of current income instead of an investment fund is bad business...as we clearly see in this case.

do you even finance, bro?

 

[JBond]

It isn't just states that are underfunded. Quite a few corporate pensions are underfunded, and many have gone belly up.

Here's the thing. Pension fund managers think being next to a billion dollars of other people's money makes them smart. It doesn't. These idiots are hornswoggled by Wall Street traders. They are given box seats at football games, and all the hookers and blow they can handle. And then they do what the liars on Wall Street tell them to do.

These pension fund managers are idiots who have been assuming the old timey 8 percent return on investment still applies. It doesn't. Not even close, and no one wants to stop believing it.

Kind of like Trump's Chumps not wanting to stop bleeving his lies even after his massive hoaxes have been exposed.

I was with you right up to the last sentence. Some truth there.

 

[Dont Taz Me Bro]

Illinois' biggest problem with the pensions is that they promised them, but never came close to funding them properly and the people just keep voting the politicians back in based on their empty promises.

 

[initforme]

the last people to blame are the pension holders and civil workers. The very last.

 

[BluesLegend]

They overrode the Governor's veto and raised taxes through the roof. Cue the exodus from Illinois another liberal outpost collapses.

 

[JBond]

The unions let them down.

 

[Toro]

Eventually, IL will go bankrupt or slash pensions.

Other states will also.

This will be a big issue next decade.

That's the game for keeping corrupt political and in power.

Promise insanely high pensions to union members.
Stay in office off the financial burden you created for future generations of taxpayers.

Fuck Illinois. Those corrupt pieces of shit should not get one dime of my tax money to bail them out because of their corruption.

It's not just states. It's cities too. States are actually in better shape than cities and municipalities.

The police pensions are no better. Citizens are going to have to make a choice. They are going to either pay higher taxes to fund police pensions or put up with more crime. There was an article about it today in the WSJ.

Ill-Funded Police Pensions Put Cities in a Bind

 

[task0778]

They overrode the Governor's veto and raised taxes through the roof. Cue the exodus from Illinois another liberal outpost collapses.

As I understand it, the State Senate voted to override the governor's veto and the State house to take their vote tomorrow (Thursday). Which I believe is also expected to override the governor's veto. According to the Chicago Tribune, the legislature raised taxes but did nothing to cut spending. Which means:

1. People and businesses will continue to leave Illinois in droves.

2. Illinois will not get even close to their projected revenue gain from those tax rate increases.

3. A year from now they'll be in the same mess they're in now, only it'll be worse.

4. All they did is abdicate their responsibilities. Again.

 

[Toro]

Why do snowflakes suck so badly at math?

Alabama's pension system is 66.0% funded.

Louisiana's pension system is 61.1% funded.

Mississippi's pension system is 61.0% funded.

Kansas' pension system is 59.9% funded.

Alaska's pension system is 52.2% funded.

Connecticut's pension system is 51.9% funded.

Kentucky's pension system is 48.9% funded.

Illinois' pension system is 47.1% funded.

Notice most of those states are red states. So you were saying?

It's all over. It's not red state/blue state thing.

I think this was in the Wall Street Journal the other day.

 

[initforme]

yup throw those middle class people under the bus....welcome to America. Great? ehhhhh that's DEBTATABLE.

 

[Toro]

Eventually, IL will go bankrupt or slash pensions.

Other states will also.

This will be a big issue next decade.

States cannot go bankrupt, genius!

Probably true. I was using common nomenclature to refer to a default. It's possible that a state may file for bankruptcy under Chapter 9, which refers to municipalities. But that hasn't happened yet.

States have defaulted in the past. They probably will in the future if they don't restructure their pensions.

 

[Toro]

It isn't just states that are underfunded. Quite a few corporate pensions are underfunded, and many have gone belly up.

Here's the thing. Pension fund managers think being next to a billion dollars of other people's money makes them smart. It doesn't. These idiots are hornswoggled by Wall Street traders. They are given box seats at football games, and all the hookers and blow they can handle. And then they do what the liars on Wall Street tell them to do.

These pension fund managers are idiots who have been assuming the old timey 8 percent return on investment still applies. It doesn't. Not even close, and no one wants to stop believing it.

Kind of like Trump's Chumps not wanting to stop bleeving his lies even after his massive hoaxes have been exposed.

Wall Street has nothing to do with pension problems in this country. It's about promises that were made and not kept.

 

[g5000]

It isn't just states that are underfunded. Quite a few corporate pensions are underfunded, and many have gone belly up.

Here's the thing. Pension fund managers think being next to a billion dollars of other people's money makes them smart. It doesn't. These idiots are hornswoggled by Wall Street traders. They are given box seats at football games, and all the hookers and blow they can handle. And then they do what the liars on Wall Street tell them to do.

These pension fund managers are idiots who have been assuming the old timey 8 percent return on investment still applies. It doesn't. Not even close, and no one wants to stop believing it.

Kind of like Trump's Chumps not wanting to stop bleeving his lies even after his massive hoaxes have been exposed.

Wall Street has nothing to do with pension problems in this country. It's about promises that were made and not kept.

Do you understand how pension funds work?

 

[Toro]

Do you understand how pension funds work?

Yes. I've worked for one.

Wall Street doesn't have anything to do with the pension problems.

It's simple math problem. People have been promised too much and the legislators can't or have refused to deliver.

 

[imawhosure]

Clearly too many taxpayer dependent civil servants on the state dole.......

No, it is all about erroneous assumptions about returns on investment.

When you look at the top 5 states in the best shape, most of them are blue states.

When you look at the lowest 5 states, most of them are red states.

Why do snowflakes suck so badly at math?

do you even have a clue as to what an unfunded liability is?

Yes.

Next question.

Pensions funded out of current income instead of an investment fund is bad business...as we clearly see in this case.

do you even finance, bro?

Why do snowflakes suck so badly at math?

Alabama's pension system is 66.0% funded.

Louisiana's pension system is 61.1% funded.

Mississippi's pension system is 61.0% funded.

Kansas' pension system is 59.9% funded.

Alaska's pension system is 52.2% funded.

Connecticut's pension system is 51.9% funded.

Kentucky's pension system is 48.9% funded.

Illinois' pension system is 47.1% funded.

Notice most of those states are red states. So you were saying?

It's all over. It's not red state/blue state thing.

I think this was in the Wall Street Journal the other day.


View attachment 137160

Here is why RED STATES are in better shape than you think---------->

1. The red states; at least in the South, are not as generous with their retirement benefits, or their pay for that matter.

2. Red states, in most instances, have changed their pension programs, so the new employees will receive much less. In fairness, many blue states have also.

3. Red state population is GROWING, and guess where the people are coming from, lol! That is correct, fleeing BLUE STATE jurisdiction. If you want to see this on display, look at Florida and their unfunded liabilities-)

4. In some instances, (such as California) their underfunded liabilities are based on the projection of 7.3% growth. CLUE......that is not happening! Their fund is growing at somewhere around 3%, ergo............they are closer to 700 BILLION underfunded, then the projected 240 billion. That is what is known as, CREATIVE ACCOUNTING, but that doesn't mean red states aren't doing it also.

5. And now for the real.....reality check-----------> California has 20% of the population on Medicaid.....their version is called medical I believe. Let me DEFINE that for you.........not 20% of their population, but 20% of the total population in the US. Does California have 20% of the United States population? In case you can't count, the answer is NO, not even close! Now a logical individual would instantly understand, that if they have 20% of the United States recipients inside their borders that collect Medicaid, this must mean that more than likely, they do NOT pay taxes, and if they magically do, very little. Ergo, their tax base is NOT paying into the system. Far be it from me to say it is probably because they have so many illegals on the American teat, so just ignore that last sentence-)

And so........as the red states grow with a taxpayer base, the blue states IMPORT illegals. Who is going to pay into taxes to support the retirees? So now, not only are illegals STEALING American jobs, they are helping DENY old people their retirement, as they send their cash back to MEHIIIIICCCCCCOOOOOOOOOO, and try and import more of their family for freebies, while the retirees who worked for years, may have to take a cut in pay. The leftist way of doing things for sure!

Their has been talk of changing HOW we pay taxes. Let us hope the idea comes through. HOW? They want everyone to get their whole paycheck, and pay a monthly tax bill to the government. At the end of the year, whatever the deficit spending was, they want to send out an extra tax bill, so at least the people know what their taxes WOULD BE IF they fully financed the government. I think this is a BRILLIANT idea! Let us see then what happens every time someone comes up with a NEW spending bill. Let the people send their money to Washington themselves, and watch how fast the Socialist go over the cliff!