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Illinois is broke(n) ...

Re: Illinois is broke(n) ...

Kepler said:
Has a state ever gone bankrupt? Can you put it in receivership, like a city?

Gotta think it happened a lot in the early days, when our finances were, shall we say, ad hoc.
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I believe no state is allowed to declare bankruptcy. Or put into receivership.

Illinois pension issue is a problem in that it seems the state constitution forbids changes so they have to make due on that bill someday. Rhode Island had a similar problem but the state court ruled that they could change the pension due to the shortfall it was facing, which made a name for the Treasurer at the time who's now RI's governor.
 
Re: Illinois is broke(n) ...

Brenthoven said:
Hit up Traverse City once for a wedding...watching the hotel clerk in Menomonie MI try to pronounce "Minnetonka" was hilarious. :D
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Not surprised. Everything south of U.S. 2 is just an extension of Wisconsin. In fact, I say we let them have all the areas that are in Fake Time, and be done with it.
 
Re: Illinois is broke(n) ...

aparch said:
Zero concern state wide.

WGN's headlines:
- Powerball ticket sales end tonight, Mega Million Friday, due to budget.
- Three CPD officers charged with conspiracy to cover up shooting of Laquan McDonald.
- Five shot on West Side among several wounded Tuesday.
- Man beaten and tied up in home invasion in Logan Square.
- 1-Minute Weather Forecast.


Similar from CBS Chicago, Chicago Tribune.

The Daily Herald has nothing about the budget, except part way down where a local county "is preparing for budget doomsday."
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Whistling past the graveyard.
Nice.
 
Re: Illinois is broke(n) ...

Kepler said:
Forbes has much to say.
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Much to say but about nothing. Best part was listing Massachusetts as a state in danger of insolvency??? :confused: I looked up one of the rankings for fun and the Mercatus Center that the author sites has the state as 49th! Meaning, states like Louisiana, Kansas, Rhode Island, West Virginia and Kentucky are in better fiscal shape? Ooookaaayyyy then. Kep, print out this article and put it to good use if you run out of toilet paper. :D
 
Rover said:
Much to say but about nothing. Best part was listing Massachusetts as a state in danger of insolvency??? :confused: I looked up one of the rankings for fun and the Mercatus Center that the author sites has the state as 49th! Meaning, states like Louisiana, Kansas, Rhode Island, West Virginia and Kentucky are in better fiscal shape? Ooookaaayyyy then. Kep, print out this article and put it to good use if you run out of toilet paper. :D
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Do you live in Mass? I think the situation here is more tenuous than one would think. There are some huge unfunded pension liabilities and the state isn't very affordable for those under 40. If there was even a small exodus amongst the retirement age crowd Mass would have a huge problem.
 
Re: Illinois is broke(n) ...

I do and that study is patently absurd. If Mass ever got in real fiscal trouble it would simply cut back on generous benefits or raise taxes as right now the state ranks around 25th on the tax burden scale. There is zero, and I mean zero, chance WVA, KS, LA, KY, MS, AL, etc etc are in better fiscal shape by any measure that passes the smell test. Most of those states already have bare bones services and the population is too poor to pay extra taxes.
 
Rover said:
I do and that study is patently absurd. If Mass ever got in real fiscal trouble it would simply cut back on generous benefits or raise taxes as right now the state ranks around 25th on the tax burden scale. There is zero, and I mean zero, chance WVA, KS, LA, KY, MS, AL, etc etc are in better fiscal shape by any measure that passes the smell test. Most of those states already have bare bones services and the population is too poor to pay extra taxes.
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I doubt those states have much for liabilities though. It's nice that public workers have such good benefits here but in some cases it's frightening how much they get. A lot of them can retire very early too.

You're right that mass could make some adjustments to the budget, but how much could they ever really cut spending? They could raise taxes some but then you risk folks moving to other states. It's not like NH is that far away. I could be wrong but I think there is a fairly large group of people say 55 and over who are paying at least $25K a year in state taxes. You try to get much more out of them and a percentage are going to look for someplace cheaper.
 
Re: Illinois is broke(n) ...

Drew S. said:
I doubt those states have much for liabilities though. It's nice that public workers have such good benefits here but in some cases it's frightening how much they get. A lot of them can retire very early too.

You're right that mass could make some adjustments to the budget, but how much could they ever really cut spending? They could raise taxes some but then you risk folks moving to other states. It's not like NH is that far away. I could be wrong but I think there is a fairly large group of people say 55 and over who are paying at least $25K a year in state taxes. You try to get much more out of them and a percentage are going to look for someplace cheaper.
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people are already leaving mass up 93 & 95 & 3. just look at all the D's winning office up there :)
 
Re: Illinois is broke(n) ...

Rover said:
I do and that study is patently absurd. If Mass ever got in real fiscal trouble it would simply cut back on generous benefits or raise taxes as right now the state ranks around 25th on the tax burden scale. There is zero, and I mean zero, chance WVA, KS, LA, KY, MS, AL, etc etc are in better fiscal shape by any measure that passes the smell test. Most of those states already have bare bones services and the population is too poor to pay extra taxes.
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If those states had schools, they would be in trouble.
 
Re: Illinois is broke(n) ...

burd said:
If those states had schools, they would be in trouble.
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No chance of that. They've figured out that education is a liberal plot. Only ignorance can maintain the pristine mind of the truly God-fearing conservative.
 
Re: Illinois is broke(n) ...

One thing that the states with big unfunded pension liabilities seem to have in common is that they allow "overtime spiking" right before people retire.

Most pension formulas, on the surface, are pretty much the same: average final pay times years of service times a factor.

In the fine print, however, there is a huge difference between "average final salary" and "average final pay." In the last few years before people plan to retire, they mysteriously start requesting lots more overtime, and complicit supervisors agree. The result, in NY state at least, can be people retiring with a pension that actually exceeds their salary.
 
FreshFish said:
One thing that the states with big unfunded pension liabilities seem to have in common is that they allow "overtime spiking" right before people retire.

Most pension formulas, on the surface, are pretty much the same: average final pay times years of service times a factor.

In the fine print, however, there is a huge difference between "average final salary" and "average final pay." In the last few years before people plan to retire, they mysteriously start requesting lots more overtime, and complicit supervisors agree. The result, in NY state at least, can be people retiring with a pension that actually exceeds their salary.
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A few years ago, I worked in a building in a bad part of town. Basically, in the middle of the drug trade and subsequent high rate of murders.

So, the company contracted with the Rochester city police to provide officers outside our building during normal end of work hours, mainly because the parking lot was across the street from the building, and at night, well...

These types of assignments fall under "event management" for the police department. Thus, they are usually overtime and voluntary.

One day, I was talking to one of the officers while waiting for the light to change. He made no bones about the fact that he was retiring in a few years, and was requesting as much overtime as possible.
 
Re: Illinois is broke(n) ...

FreshFish said:
One thing that the states with big unfunded pension liabilities seem to have in common is that they allow "overtime spiking" right before people retire.

Most pension formulas, on the surface, are pretty much the same: average final pay times years of service times a factor.

In the fine print, however, there is a huge difference between "average final salary" and "average final pay." In the last few years before people plan to retire, they mysteriously start requesting lots more overtime, and complicit supervisors agree. The result, in NY state at least, can be people retiring with a pension that actually exceeds their salary.
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And my private sector pension allows exactly the same thing. Spiking for high five is hardly just a public pension issue.

Next time negotiate a better deal. If you were too lazy at the time, or people, I dunno, actually thought cops were important, then gee whiz -- shut up and honor the contract.
 
Re: Illinois is broke(n) ...

Kepler said:
And my private sector pension allows exactly the same thing. Spiking for high five is hardly just a public pension issue.

Next time negotiate a better deal. If you were too lazy at the time, or people, I dunno, actually thought cops were important, then gee whiz -- shut up and honor the contract.
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The same people running the country run the pensions and salaries. They artificially inflate your pension during negotiations to artificially deflate your salary so then they can say the pension is bankrupt later on.

Always get the money you deserve up front. Never trust retirement plans, or pension plans, or any of that crap. They're lying and the actuaries always **** up the math.
 
ScoobyDoo said:
The same people running the country run the pensions and salaries. They artificially inflate your pension during negotiations to artificially deflate your salary so then they can say the pension is bankrupt later on.

Always get the money you deserve up front. Never trust retirement plans, or pension plans, or any of that crap. They're lying and the actuaries always **** up the math.
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Just ask Mario ;)
 
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