Illinois set us up the pension bomb

[tx 3 putt 77,095]

19 minutes ago, ADHD said:

Sin solves everything.

Pussy Tax !

[Incredulity 11,675]

1 minute ago, tx 3 putt said:

Pussy Tax !

See Nevada.

[ChiTownDoc 21,154]

On 5/14/2018 at 9:01 AM, Elvis Presto said:

Why live in Illinois at all?  Chicago is a fun town to visit but it aint worth that money and the rest of the state is a farm field.  If you live in Moline why not move to Iowa?

Downtown Chicago is great and still cheaper than SF/NYC/DC/LA etc.  Our company is in 24 states. I’m prob an idiot to stay and pay IL taxes for the entire company but it is what it is.  My property tax on my primary home is already over 100k.  Fucking unions are gonna have to meet in middle.  

[Post Oak 20,246]

32 minutes ago, tx 3 putt said:

Pussy Tax !

We already pay that

/Men 

[Incredulity 11,675]

6 minutes ago, ChiTownDoc said:

Downtown Chicago is great and still cheaper than SF/NYC/DC/LA etc.  Our company is in 24 states. I’m prob an idiot to stay and pay IL taxes for the entire company but it is what it is.  My property tax on my primary home is already over 100k.  Fucking unions are gonna have to meet in middle.  

come again?

[ChiTownDoc 21,154]

1 minute ago, Incredulity said:

come again?

Yep.

Not a humblebrag.  

[Incredulity 11,675]

13 minutes ago, ChiTownDoc said:

Yep.

Not a humblebrag.  

God Bless.

You certainly pay for more Government than you use.

[Celery Man 20,970]

Public pensions are increasingly threatened as politicians mismanage, starve, skim, and rob the kitty. Texas isn’t as bad as some places but wasn’t the story here a few years ago where they invested a bunch of pension fund money in some stupid land development deal that had unrealistic projected returns and happened to benefit families of those connected to the board or police union or something?

[High Plains Drifter 11,050]

On 5/14/2018 at 11:17 AM, Incredulity said:

That graphic really should be per capita, right? or percentage of state revenue?

I'd just start with listing the damn states alphabetically.

 

5 hours ago, Incredulity said:

God Bless.

You certainly pay for more Government than you use.

Because he's got more to lose.

[Zavala 1,384]

On 5/14/2018 at 8:26 AM, Anastasis said:

Put my money on a federal bail out. 

That was the goal all along. Illinois is a dump.

Heyjackass.com

 

[Guest Lobo]

24 minutes ago, High Plains Drifter said:

I'd just start with listing the damn states alphabetically.

 

Because he's got more to lose.

And forcing people to give up more, out of fear of losing what they have, has always been the hallmark of progressive leadership.  

[bernorange 8,362]

Quote

...
Moody’s calls it a “conundrum” for Illinois. From their report: “… the population loss and relatively sluggish employment trends suggest a degree of economic vulnerability that poses a conundrum: revenue growth from existing sources will be too tepid to offset escalating fixed costs, while new taxes could threaten to increase the outflow of residents.”

These new comments are significant because Moody’s has long considered tax hikes a budget-balancing option for the state. That’s not surprising since Moody’s priority is the well-being of bondholders, not taxpayers. The agency’s ratings reflect the likelihood that bondholders get repaid – and tax hikes make repayment more likely.

But that’s only true as long as tax hikes don’t destroy the tax base and, ultimately, make the repayment of bonds less likely. It appears the flight of Illinoisans has gotten so big that Moody’s can no longer ignore it.
...

https://www.wirepoints.com/moodys-to-pritzker-new-taxes-could-threaten-to-increase-the-outflow-of-illinois-residents/

Can't squeeze blood from a turnip.  Illinois will be forced to amend their state Constitution to reduce pension benefits.

[Guest Lobo]

Topical as am walking into the TRS private equity conference.  They are the model for how to do it right, on the buy side.  Trouble is, we're about to alter school funding, and with that-usually comes altering teacher compensation (not just current pay, but defined benefit).  Curious to see how this plays out.