Tax Accountant here. The answer is quite simple. Illinois can’t solve the problem. To do what is necessary would destroy the Democratic party for the next 100 years and no self-respecting Democrat is going to allow that to happen. Madigan (Speaker of the House) will make certain that all the sheeple (and that includes Pritzker) will be singing from the same hymnal – Madigans. That’s not just my potentially biased opinion; it is for the most part common knowledge in Illinois for anybody with a modicum of financial/political education – especially a Democrat.
My thoughts are simple; Illinois will have great difficulty paying its pensions over the next few decades, this probably won’t help, and my main focus is making sure that no government that was not responsible for establishing a pension system or its benefits become responsible for covering its costs. No help from Illinois to chicago pensions, and no help from USGov’t to Illinois, Kentucky, NJ, or any of the other obvious candidates.
We have to reform our pension system. It is bankrupting our state. You can only tax the working people so much. The working people are already leaving the state in droves leaving even less people to support the pensions!!! Wake up Politicians!!!
The people of the State of Illinois should honor every pension commitment which the State of Illinois has made to its employees. It is required by the Illinois Constitution and it is the right thing to do. More importantly, The State of Illinois should not make a single new commitment for any retirement benefits which the State is not easily capable of honoring. We need to ask the hard questions. Which government leaders bound the people with the requirement to pay retirees automatic 3% annual cost of living adjustments? They are guilty of financial treason against the taxpayers of Illinois. Overly generous pension benefits, which become protected largess, have the potential to undermine
our economy and put at risk the very solvency of our government. It is time for heads to roll. It is time to demand real solutions from the new Governor.
Scares the living crap right outta me…and I live in Utah! Seriously, some of us are moving to “Chicagoland”, and we’ll be paying the tab for these fat-cat socialists. Is the no justice in this state? DNC, I need say no more.
JM
The federal government should tell Illinois you have 2 choices: ante up contributions to get to 100% full-funding….or declare bankruptcy.
If Illinois and/or Chicago declare bankruptcy, then just like a corporate bankrutpcy, the equity holders must be wiped out.
Who are the equity holders ? The Democratic Party, which has run both into the ground the last 50 years. The pensioners must be made hole, but the price must be no Democrats can be allowed to control city or state government again until 2050.
Tax Accountant here. The answer is quite simple. Illinois can’t solve the problem. To do what is necessary would destroy the Democratic party for the next 100 years and no self-respecting Democrat is going to allow that to happen. Madigan (Speaker of the House) will make certain that all the sheeple (and that includes Pritzker) will be singing from the same hymnal – Madigans. That’s not just my potentially biased opinion; it is for the most part common knowledge in Illinois for anybody with a modicum of financial/political education – especially a Democrat.
My thoughts are simple; Illinois will have great difficulty paying its pensions over the next few decades, this probably won’t help, and my main focus is making sure that no government that was not responsible for establishing a pension system or its benefits become responsible for covering its costs. No help from Illinois to chicago pensions, and no help from USGov’t to Illinois, Kentucky, NJ, or any of the other obvious candidates.
We have to reform our pension system. It is bankrupting our state. You can only tax the working people so much. The working people are already leaving the state in droves leaving even less people to support the pensions!!! Wake up Politicians!!!
The people of the State of Illinois should honor every pension commitment which the State of Illinois has made to its employees. It is required by the Illinois Constitution and it is the right thing to do. More importantly, The State of Illinois should not make a single new commitment for any retirement benefits which the State is not easily capable of honoring. We need to ask the hard questions. Which government leaders bound the people with the requirement to pay retirees automatic 3% annual cost of living adjustments? They are guilty of financial treason against the taxpayers of Illinois. Overly generous pension benefits, which become protected largess, have the potential to undermine
our economy and put at risk the very solvency of our government. It is time for heads to roll. It is time to demand real solutions from the new Governor.
Suppose Illinois CAN’T make the promised payments ? Federal bankruptcy law trumps Illinois’ Constitutional “guarantee” of payment.
Scares the living crap right outta me…and I live in Utah! Seriously, some of us are moving to “Chicagoland”, and we’ll be paying the tab for these fat-cat socialists. Is the no justice in this state? DNC, I need say no more.
JM
The federal government should tell Illinois you have 2 choices: ante up contributions to get to 100% full-funding….or declare bankruptcy.
If Illinois and/or Chicago declare bankruptcy, then just like a corporate bankrutpcy, the equity holders must be wiped out.
Who are the equity holders ? The Democratic Party, which has run both into the ground the last 50 years. The pensioners must be made hole, but the price must be no Democrats can be allowed to control city or state government again until 2050.