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Started By
Message
Chicago & state of Illinois pension crisis
Posted on 1/2/14 at 7:16 pm
Posted on 1/2/14 at 7:16 pm
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?
LINK
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
8
Posted on 1/2/14 at 7:18 pm to Reubaltaich
quote:
Where is the money going to come from to fix the problem?
Iraqi Dinar,
Posted on 1/2/14 at 7:31 pm to Reubaltaich
quote:
Where is the money going to come from to fix the problem?
Federal Bailout. Duh
Posted on 1/2/14 at 7:34 pm to theenemy
Bitcoin
Posted on 1/2/14 at 7:38 pm to SlowFlowPro
Re-distribution of Leprechaun gold.
Posted on 1/2/14 at 7:39 pm to Reubaltaich
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.
Posted on 1/2/14 at 7:53 pm to Reubaltaich
Posted on 1/2/14 at 7:55 pm to infantry1026
If it comes in the form of federal tax dollars it is nothing more than theft for textbook redistribution of wealth to buy votes.
Posted on 1/2/14 at 7:55 pm to infantry1026
Looks like a lot of pensioners are about to see big cuts to their checks & contribution increases, much like Detriot city retirees are facing.
And here are the hero's...
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".
Posted on 1/2/14 at 8:03 pm to Reubaltaich
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".
Posted on 1/2/14 at 8:09 pm to infantry1026
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."
Posted on 1/2/14 at 8:14 pm to GeauxxxTigers23
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
Posted on 1/2/14 at 8:18 pm to infantry1026
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.
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.
Posted on 1/2/14 at 8:20 pm to Reubaltaich
Detroit part 2.
Chicago's done.
NYC you're on the clock .
Tick tock Tick tock
Chicago's done.
NYC you're on the clock .
Tick tock Tick tock
Posted on 1/2/14 at 8:52 pm to deltaland
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.
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.
Posted on 1/3/14 at 1:37 am to white perch
Time to make weed legal in Illinois.
Posted on 1/3/14 at 6:37 am to Reubaltaich
If the states could only print money like the Feds, they would be golden!
Posted on 1/3/14 at 6:59 am to Reubaltaich
In depth analysis posted in September...
First Detroit. Chicago Next?
First Detroit. Chicago Next?
quote:I wonder how many smaller municipalities are in similar positions, but escaping headlines?
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.
Posted on 1/3/14 at 12:18 pm to Taxing Authority
quote:
I wonder how many smaller municipalities are in similar positions, but escaping headlines?
Mississippi's not far behind
Posted on 1/3/14 at 12:29 pm to Reubaltaich
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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