Chicago & state of Illinois pension crisis | TigerDroppings.com

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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2256 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?



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theenemy
Arkansas Fan
Member since Oct 2006
4482 posts

re: Chicago & state of Illinois pension crisis


quote:

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


Iraqi Dinar,






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GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
16606 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
287327 posts

re: Chicago & state of Illinois pension crisis


Bitcoin





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theenemy
Arkansas Fan
Member since Oct 2006
4482 posts

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
3314 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.






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wickowick
LSU Fan
Head of Island
Member since Dec 2006
20100 posts
 Online 

re: Chicago & state of Illinois pension crisis








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GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
16606 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
2256 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".









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infantry1026
New Orleans Saints Fan
Louisiana
Member since Jan 2010
3314 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".






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GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
16606 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."






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infantry1026
New Orleans Saints Fan
Louisiana
Member since Jan 2010
3314 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
2256 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
Mississippi St. Fan
Member since Mar 2011
21545 posts

re: Chicago & state of Illinois pension crisis


Detroit part 2.

Chicago's done.

NYC you're on the clock .

Tick tock Tick tock






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white perch
Louisville Fan
the bright, happy side of hell
Member since Apr 2012
2478 posts
 Online 

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.






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itawambadog
Mississippi St. Fan
America, F Yeah!
Member since Nov 2007
19182 posts

re: Chicago & state of Illinois pension crisis


Time to make weed legal in Illinois.





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Revelator
Member since Nov 2008
12991 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
21201 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?






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white perch
Louisville Fan
the bright, happy side of hell
Member since Apr 2012
2478 posts
 Online 

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
TBD Fan
Birmingham
Member since Nov 2010
3362 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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