Chicago & state of Illinois pension crisis | TigerDroppings.com
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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2940 posts

Chicago & state of Illinois pension crisis

America's pension house-of-cards is getting flimsier year by year. D-day is getting closer and closer.

Financial analyst have been warning us for years that the country's pension system is a ticking time bomb.

Wonder if barry(aka you & I, the taxpayer) is gonna bail out his thug buddies in Chicago?


quote:

Calling the Chicago pension crisis the worst in the nation is saying something - like, how bad can it get?

The city's underfunded pension system for teachers, firefighters, police, and transit workers threatens to punch a hole in the city budget that would devastate city services. The teachers' alone are $1 billion short of funds, while the city as a whole is looking at a whopping $27 billion shortfall.

The state of Illinois is even worse off with more than $100 billion in unfunded pension liabilities. Where is the money going to come from to fix the problem?



LINK


theenemy
Arkansas Fan
Member since Oct 2006
6023 posts
Online

re: Chicago & state of Illinois pension crisis
quote:

Where is the money going to come from to fix the problem?


Iraqi Dinar,


GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
28743 posts
Online

re: Chicago & state of Illinois pension crisis
quote:

Where is the money going to come from to fix the problem?


Federal Bailout. Duh


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
309336 posts
Online

re: Chicago & state of Illinois pension crisis
Bitcoin


theenemy
Arkansas Fan
Member since Oct 2006
6023 posts
Online

re: Chicago & state of Illinois pension crisis
Re-distribution of Leprechaun gold.


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infantry1026
New Orleans Saints Fan
Louisiana
Member since Jan 2010
3845 posts

re: Chicago & state of Illinois pension crisis
quote:

Chicago & state of Illinois pension crisis


Elections have consequences. This is what happens when you elect liberals that cater to Unions for YEARS. Don't worry though.....the tax payers will come to the rescue; like we continuously have to do for these liberal utopias.


wickowick
LSU Fan
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Member since Dec 2006
27283 posts
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GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
28743 posts
Online

re: Chicago & state of Illinois pension crisis
If it comes in the form of federal tax dollars it is nothing more than theft for textbook redistribution of wealth to buy votes.


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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2940 posts

re: Chicago & state of Illinois pension crisis
Looks like a lot of pensioners are about to see big cuts to their checks & contribution increases, much like Detriot city retirees are facing.

quote:

The state hopes the new law will save $160bn over the next 30 years - savings that will come from cuts in retirement benefits for state workers and forcing the state to make its pension contributions.


quote:

The Chicago teachers' pension fund is roughly 54 per cent funded, far below the 80 per cent threshold considered healthy. But it is better off than the city's municipal workers, police, labour and firefighters' pension funds, which Fitch, the credit rating agency, estimates are collectively 33 per cent funded.



And here are the hero's...

quote:

A coalition of unions called the state reform "attempted pension theft".





infantry1026
New Orleans Saints Fan
Louisiana
Member since Jan 2010
3845 posts

re: Chicago & state of Illinois pension crisis
quote:

Reubaltaich


It baffles me how liberals can look at Detroit, California, and Illinois and not realize "Ok, obviously liberalism has everything all wrong".

It's nothing more than intellectual dishonesty, and believing that they are superior due to "intentions".


GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
28743 posts
Online

re: Chicago & state of Illinois pension crisis
quote:

It baffles me how liberals can look at Detroit, California, and Illinois and not realize "Ok, obviously liberalism has everything all wrong".



Don't you get it dude? They do say that to themselves. Followed by, "We didn't go near far enough, big enough, expensive enough the first 6 times."


infantry1026
New Orleans Saints Fan
Louisiana
Member since Jan 2010
3845 posts

re: Chicago & state of Illinois pension crisis
quote:

Don't you get it dude? They do say that to themselves. Followed by, "We didn't go near far enough, big enough, expensive enough the first 6 times."


Yea I know.....that is also baffling. I was floored when I read one of the posters on the poli board has harsh feeling about Ofama because he is "too conservative"! I was like



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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2940 posts

re: Chicago & state of Illinois pension crisis
I hear ya man.

The left intentionally lies to the masses, promising free candy and cake to them if only they are elected to political power.

Once in power, they pull the rug out from under the lemmings, knowing full well that the promises they made could in no way be fulfilled.


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deltaland
Ohio State Fan
Member since Mar 2011
27375 posts
Online

re: Chicago & state of Illinois pension crisis
Detroit part 2.

Chicago's done.

NYC you're on the clock .

Tick tock Tick tock


white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3711 posts

re: Chicago & state of Illinois pension crisis
Hell, I just became a MS state employee and I am forced to contribute 9% of my income to the PERS retirement system. The company. (Hospital) I work for pays an additional 15.75%.

This system is underfunded though and I don't think it'll be here in 30 years when I retire.

It's like I'm paying a 9% tax on other people's retirement. Kind of like social security. I don't expect it to be there when I become eligible to receive benefits.

I wish they would just let me invest my money and leave me alone.


itawambadog
Mississippi St. Fan
America, F Yeah!
Member since Nov 2007
20232 posts

re: Chicago & state of Illinois pension crisis
Time to make weed legal in Illinois.


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Revelator
Member since Nov 2008
20011 posts

re: Chicago & state of Illinois pension crisis
If the states could only print money like the Feds, they would be golden!


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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
24828 posts

re: Chicago & state of Illinois pension crisis
In depth analysis posted in September...
First Detroit. Chicago Next?

quote:

Chicago taxpayers face $86.9 billion in debt and unfunded liabilities under new Moody’s methodology. That’s $32,000 per Chicago resident and more than $84,000 for every Chicago household.
I wonder how many smaller municipalities are in similar positions, but escaping headlines?


white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3711 posts

re: Chicago & state of Illinois pension crisis
quote:

I wonder how many smaller municipalities are in similar positions, but escaping headlines?


Mississippi's not far behind


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MagicCityBlazer
Member since Nov 2010
3686 posts

re: Chicago & state of Illinois pension crisis
quote:

Chicago & state of Illinois pension crisis


Why do I care about the contracts I never signed for people I never employed?


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