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hokiefan
07-25-2013, 04:37 PM
Illinois has a huge problem with unfunded pension liability for state employees. Apparently the state has either skipped or shorted payments into the pension funds for decades. Can't imagine how that would create a problem... Anyway Governor Quinn has been on the legislatures case for two years now to develop a plan to address the issue and they have made no progress. So he used his line item veto authority to take legislative salaries out of the latest spending authorization bill, as well as his own salary. Says he wouldn't sign a funding bill until the pension problem is addressed. The State Comptroller did a review and says based on court decisions that means she can't pay the salaries starting with the next check due August 1st.

The legislature could override Quinn's veto but you have to believe that will be hugely unpopular with the people of Illinois. Interesting stuff.

http://news.yahoo.com/comptroller-says-she-cant-pay-185121072.html

Cheers,

Bobby

skuthorp
07-25-2013, 06:04 PM
""Nobody should be paid until the job gets done for taxpayers," Quinn said."

Ah, would that that principle applied to all legislatures!

S.V. Airlie
07-25-2013, 06:16 PM
To answer the question....Guess Not!

Nicholas Scheuer
07-25-2013, 06:19 PM
So now SV Airlie is a big expert on Illinois! What a laugh!

Nicholas Scheuer
07-25-2013, 06:20 PM
So now SV Airlie is a big expert on Illinois! What a laugh!

S.V. Airlie
07-25-2013, 06:23 PM
So now SV Airlie is a big expert on Illinois! What a laugh!I'd tell you what you are but, you ain't worth it. Certainly not worth being banned for X amount of time Nicky.

Paul Pless
07-25-2013, 06:24 PM
So now SV Airlie is a big expert on Illinois! What a laugh!its usually phillip that chimes in expertly deriding illinois and chicago politics

Glen Longino
07-25-2013, 07:33 PM
its usually phillip that chimes in expertly deriding illinois and chicago politics

Phillip? Jamie? What's the difference!:)
Fact is, those two(2)hombres remind me of Romolus and What's-His-Name, born of good parents yet left in the woods to be raised by Wolves in a cave.
Despite their Astronomically High IQs, they harbor resentments buried deep in their psyches that compel them to despise Human Beings in general and Liberal Human Beings in particular.
I'm glad they're here 24 hours a day yelping and howling for food and recognition!
I've always had a soft spot for Feral Humans...call me a Humanitarian!;)

Waddie
07-25-2013, 07:44 PM
Hey, don't leave me out !!! I'm always saying nasty things about Illinois and Liberals in particular. And monitoring the Bilge is like a part time job for Phillip and Jamie - which are the only kind of jobs Obama will leave this country with before he's finished.

BTW; there isn't no way Illinois is going to be able to "fix" that fiscal problem unless the unions accept a reduction. Ain't gonna happen. I predict a federal bailout for Illinois, and Detroit. Just get Ben to print up some mo' cheddar, baby !!

regards,
Waddie

Oh, I almost forgot - Glen, you're a humanitarian........... and no damn good, either........

BrianW
07-25-2013, 07:53 PM
This thread went from interesting to rude in .04 posts.

Glen Longino
07-25-2013, 07:58 PM
This thread went from interesting to rude in .04 posts.

Oh boy, the Rude Police showed up just in time!:)
If you can't tolerate a little humor why don't you simply avoid this place!
I've grown weary of your piety!

BrianW
07-25-2013, 08:30 PM
Oh boy, the Rude Police showed up just in time!:)
If you can't tolerate a little humor why don't you simply avoid this place!
I've grown weary of your piety!

I'll leave you to your rudeness.

After all, you contribute little else.

Oh, here's a smilie... :)

It makes everything okay.

hanleyclifford
07-25-2013, 08:46 PM
Curious that most of the bankruptcies appear to take place in the Blue states...http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html

wardd
07-25-2013, 08:51 PM
I'd tell you what you are but, you ain't worth it. Certainly not worth being banned for X amount of time Nicky.

jamie are you cheating on me by insulting someone else?

hokiefan
07-25-2013, 08:55 PM
...
BTW; there isn't no way Illinois is going to be able to "fix" that fiscal problem unless the unions accept a reduction. Ain't gonna happen. I predict a federal bailout for Illinois, and Detroit. Just get Ben to print up some mo' cheddar, baby !!

regards,
Waddie

Oh, I almost forgot - Glen, you're a humanitarian........... and no damn good, either........

At this point, that's my guess as to what will happen. But it just seems wrong to me, because the problem is the legislature has been consciously not paying enough into the funds for decades. That almost seems criminal to me. They may say it was because of budget shortfalls but that is the legislature's fault as well. Until several years ago Illinois income tax was only 3%, now raised to 5%. Everybody bitches and moans about it, but I've been paying 6% since I first moved to Georgia in 1984. If you make agreements to pay certain rates, you have to tax at a level to make those payments. Anything else is irresponsible.

Cheers,

wardd
07-25-2013, 08:57 PM
At this point, that's my guess as to what will happen. But it just seems wrong to me, because the problem is the legislature has been consciously not paying enough into the funds for decades. That almost seems criminal to me. They may say it was because of budget shortfalls but that is the legislature's fault as well. Until several years ago Illinois income tax was only 3%, now raised to 5%. Everybody bitches and moans about it, but I've been paying 6% since I first moved to Georgia in 1984. If you make agreements to pay certain rates, you have to tax at a level to make those payments. Anything else is irresponsible.

Cheers,

only obligations to the wealthy are worthy of consideration

Glen Longino
07-25-2013, 09:08 PM
I'll leave you to your rudeness.

After all, you contribute little else.

Oh, here's a smilie... :)

It makes everything okay.

Thanks, Brian!:)
Oh, I contribute more than you're willing to admit!
Just because I ruffle you Troglodyte's feathers does not make my contributions less worthy than yours!
Get over it!:D

SMARTINSEN
07-25-2013, 09:24 PM
Curious that most of the bankruptcies appear to take place in the Blue states...http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html


Go figure, Hanley. From your map at your link, I get 8 in the blue states and 15 in the red. Primarily centered around Arkansas, just sayin'

hanleyclifford
07-25-2013, 09:28 PM
Go figure, Hanley. From your map at your link, I get 8 in the blue states and 15 in the red. Primarily centered around Arkansas, just sayin' Could be; the text seems to suggest that some were rejected - seems like the big ones do occur in the Blue states. Edit: am not able to se the map with my browser, only the text of general purpose municipal bankruptcies (8) of which 3 were rejected leavinf 4 in the blue states and 1 in the red (Jefferson County, Ala). If you could post the map I would appreciate it. Thanks.

Glen Longino
07-25-2013, 09:29 PM
jamie are you cheating on me by insulting someone else?

Yes...sniff...he insults me too..sob!:D

skuthorp
07-25-2013, 11:24 PM
I think Jamie is a non-discriminatory insulter, he'll insult any one. The mark of a true democrat.:D

hokiefan
07-25-2013, 11:45 PM
Expertly??? Maybe impulsively.

Anyway, it's all because of those darned downstate and DuPage county republicans.... maybe. ;):d

I don't know Illinois politics well enough to know whose fault it is. But one thing I know is that Chicago and the rest of the state are two entirely different universes.

Cheers,

Bobby

tizziec
07-26-2013, 05:10 AM
What is terrible about problems lik this is that the bulk of the consequences lands on the back of the blue collar workers who took the public sector jobs under the illusion of trading high pay for long term security. Lose your pension or pay higher taxes. Once the damage is done, there is really no going back. Unfortunately there is no accountability either. No one is going to go to jail for screwing the system in these cases.

David W Pratt
07-26-2013, 08:53 AM
Not an expert in IL, but many states and municipalities not only underfunded the pensions but assumed 8+% return on their invested funds. Hell, if the retirees could get 8%, they wouldn't need pensions.
Another thought: where were the unions? Why didn't they strike at the first missed payment?

ccmanuals
07-26-2013, 08:58 AM
Interesting chart.

http://i2.cdn.turner.com/money/dam/assets/130722153200-detroit-pensions-620xa.png

Concordia 33
07-26-2013, 09:23 AM
Not an expert in IL, but many states and municipalities not only underfunded the pensions but assumed 8+% return on their invested funds. Hell, if the retirees could get 8%, they wouldn't need pensions.
Another thought: where were the unions? Why didn't they strike at the first missed payment?


Rhode Island is in the same boat...underfunded pensions and unrealistic assumptions of pension fund growth. Our new treasurer Gina Raimundo (a Democrat and likely challenger to Linc Chafee's Democratic Gubernatorial Primary Bid) was the first to address this through benefit reductions and more aggressive investments but with realistic growth projections. Some states have been following this closely in hopes that it will give them a strategy to tackle this in their own states.