Illinois Meltdown: “The State Can No Longer Function”

[leftwinger]

GOVT employee pensions. Very high payouts.......no Cap. Including PPO medical for employee + family and/or "significant other" forever? A big mess. CA is worse on pensions........imagine that? $10K/mo payout as long as you live ............... for many. They can deny, lie, hide and spin the numbers but occasionally ..... truth comes out. Retire at age 50, also common.


<iframe src="How does your retirement compare to a state employee?" width="100%" height="600" style="overflow: hidden;border:none;max-width: 100%;margin: 0 auto;display: block;" scrolling="no"></iframe>

 

[Geaux4it]

Great liberal policies at work

EPIC FAIL

-Geaux
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CHICAGO (AP) — Illinois is on track to become the first U.S. state to have its credit rating downgraded to "junk" status, which would deepen its multibillion-dollar deficit and cost taxpayers more for years to come.

S&P Global Ratings has warned the agency will likely lower Illinois' creditworthiness to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year, increasing the amount the state will have to pay to borrow money for things such as building roads or refinancing existing debt.

The outlook for a deal wasn't good Saturday, as lawmakers meeting in Springfield for a special legislative session remained deadlocked with the July 1 start of the new fiscal year approaching.

That should alarm everyone, not just those at the Capitol, said Brian Battle, director at Performance Trust Capital Partners, a Chicago-based investment firm.

"It isn't a political show," he said. "Everyone in Illinois has a stake in what's happening here. One day everybody will wake up and say 'What happened? Why are my taxes going up so much?'"

Here's a look at what's happening and what a junk rating could mean:

Associated Press

 

[Wyatt earp]

Good ol Mike Madigan.. Can't wait till his type leaves and dies out like the dinosaurs..


.

 

[IsaacNewton]

Obama? LOL

Bruce Rouner, Republican, is governor or Illinois and has been since the beginning of 2015. Isn't he 'making America great again'?

 

[Preacher]

Obama? LOL

Bruce Rouner, Republican, is governor or Illinois and has been since the beginning of 2015. Isn't he 'making America great again'?

No budget for THREE years numb nuts. He had nothing to do with the beginning of this and MAYBE just finally the GOP in Illinois has enough people to stop the outrageous spending the liberals love doing on their pet projects mostly Chicago!

 

[Wyatt earp]

Obama? LOL

Bruce Rouner, Republican, is governor or Illinois and has been since the beginning of 2015. Isn't he 'making America great again'?

Still don't want to talk about Mike Madigan and his daughter that has been in power 14 years plus years ago when I still lived in Illinois?



.

 

[Preacher]

Illinois has a spending problem, not a revenue problem | Illinois Policy

This is what happens when you have a MASSIVE nonwhite welfare class (Chicago) and Liberal politicians who keep OVERSPENDING.

 

[Preacher]

Rauner was sworn in as Governor of Illinois on January 12, 2015.[49] In his first executive order, he halted state hiring as well as discretionary spending, and called for state agencies to sell surplus property.[50]


Governor Rauner's Proposed Budget Cuts to Higher Education
On February 9, 2015, Rauner signed an executive order blocking so called "fair share" union fees from state employee paychecks.[51][52] The same day, Rauner hired a legal team headed by former U.S. Attorney Dan Webb and his law firm Winston & Strawn to file a declaratory judgment action in the U.S. Supreme Court to affirm his action.[51][52] In February 2015 Rauner proposed $4.1 billion in budget cuts affecting higher education, Medicaid, state employee pensions, public transit, and local government support. In April, Rauner also suspended funding for programs addressing domestic violence, homeless youth, autism, and immigrant integration. Critics called these moves "morally reprehensible" and harmful to the state economy.[53][54][55][56]

In May 2015, Governor Rauner announced the shelving of the Illiana Tollway project, a controversial proposed tollway between I-55 in Illinois and I-65 in Indiana, citing the "lack of sufficient capital resources" and the budget impasse, but did not completely remove it from the state's list of proposed infrastructure projects.

Rauner vetoed the Illinois state budget on June 25, 2015 which would have created a deficit of nearly $4 billion but covered what Illinois Democratic lawmakers called "vital services".[57] He stated that he would not sign a budget until the Democratic state legislature passed his "Turnaround Agenda" to reduce trade union power and freeze property taxes.[58][59] With no state budget, social service agencies have cut back on services,[60] state universities have laid off staff,[61] public transit service has ceased in Monroe and Randolph Counties,[62] and Child Care Assistance eligibility has been cut by 90%.[63] Illinois's unpaid bill backlog could reach as high as $25 billion by FY19 if things continue as they have been.[64] On June 30, 2016, just before the beginning of the next fiscal year, Rauner signed a temporary bipartisan stopgap budget that would allow public schools to continue operating for an additional year and for necessary state services to continue for 6 months.[65][66] However, the stopgap budget covers only 65% of social services agencies' normally allocated funds and provides $900,000 less for colleges and universities than FY15, while attempting to cover eighteen months' worth of expenses, all while continuing the uncertainty that Illinois nonprofits faced during FY16.[67]

Sucks this guy is trying to fix what these clowns in the legislature have screwed up. Tough choices must be made and he is making them.

 

[Dont Taz Me Bro]

Didn't realize Obama was governor of Illinois

 

[DGS49]

Politicians buying the votes of government employees and their families with outrageous compensation, benefits,and retirement plans. And what is seldom mentioned, their retirements are absurdly long, starting usually when the employee is in his early 50's. No enterprise can survive such a tidal outflow of revenue.

Why will no one "important" acknowledge this obvious fact?

The same situation exists in many states, though to a lesser extent. Most Americans will be experiencing annual school tax increases as far as the eye can see, while NONE of it will go to education. All to generous pensions for teachers and other government employees.

Those of us who go on cruises regularly cannot help noticing that half the people on the cruise ships are always retired school teachers.

 

[EvilCat Breath]

The Democrats are not going to give up andbdo what needs to be done.

 

[Steve_McGarrett]

Didn't realize Obama was governor of Illinois

He didn't have to be!

 

[Silent Warrior]

Illinois has been headed for bankruptcy for something like a quarter of a century.

Been Democratic almost exclusively since 1988. The will be going back red soon. Lost collar county conservative's and have never held downstate counties.

Nope. As long as Chicago exists Illinois will stay blue in color and emotion.

 

[Bush92]

GOVT employee pensions. Very high payouts.......no Cap. Including PPO medical for employee + family and/or "significant other" forever? A big mess. CA is worse on pensions........imagine that? $10K/mo payout as long as you live ............... for many. They can deny, lie, hide and spin the numbers but occasionally ..... truth comes out. Retire at age 50, also common.


<iframe src="How does your retirement compare to a state employee?" width="100%" height="600" style="overflow: hidden;border:none;max-width: 100%;margin: 0 auto;display: block;" scrolling="no"></iframe>

You hit the nail on the head. In Chicago the Democratic machine pass out government jobs for votes. More government workers than necessary. Hold over from mayor Richard J. Daley in the 1960's.

 

[Bush92]

Illinois has been headed for bankruptcy for something like a quarter of a century.

Been Democratic almost exclusively since 1988. The will be going back red soon. Lost collar county conservative's and have never held downstate counties.

Nope. As long as Chicago exists Illinois will stay blue in color and emotion.

Collar counties around Chicago and downstate will make the difference. Just like they did in 1970's when Illinois was a red state.

 

[Bush92]

House Speaker Mike Madigan is a crook...but his daughter Lisa is AG. That's how Governor Blagoavitch went to the slammer. He tried to sell Obama's seat...Madigan wanted it for political barter.

 

[leftwinger]

Highway Patrol captains with at least 30 years' service earn an average yearly pension of $142,504. And they are eligible to retire at 50.


It is paid out from Tax dollars and any market gains or losses the plan supervisor can muster. When our IRA runs out we are down to SS only at $1-2K/mo and most persons paid for all of it. We have to plan how long to live? mind-boggling.

 

[william the wie]

Illinois has been headed for bankruptcy for something like a quarter of a century.

Been Democratic almost exclusively since 1988. The will be going back red soon. Lost collar county conservative's and have never held downstate counties.

Nope. As long as Chicago exists Illinois will stay blue in color and emotion.

True but Chicago is the futures market and if taxes go up high enough it will move to a lower tax jurisdiction.

 

[Bush92]

The Chicago Democratic machine was investigated one time when a Republican was DA and Illinois had a Republican AG. Man was a supervisor for the water and sewer department. Got a paycheck in mail every week. Also had his own construction company where he spent all his time. When asked what type of work he did for the Chicago Water and Sewer Department he replied: "I lifted a man hole cover one time." He had been working for the City for 6 years.

 

[Bush92]

Suggested reading by the late great Mike Royko.
Boss: Richard J. Daley of Chicago: Mike Royko: 9780452261679: Amazon.com: Books