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Old 06-21-2017, 01:04 PM   #1
flywise
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Default Illinois going bankrupt

What are the anticipated consequences of the state collapsing financially?
I hope thry do to be honest. The unions and democrats NEED to feel the pain of unrealistic contracts that allow themselves to live high on the hog at tax payer expense.
I just dont want to pay for them to get their act together
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Old 06-21-2017, 01:07 PM   #2
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Bail out at tax payer expense. Continue business as usual.
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Old 06-21-2017, 02:10 PM   #3
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Bail out at tax payer expense. Continue business as usual.
If this most recent landslide election isn't powerful enough to stop that jack booted action, nothing will do it. Personally, I believe you are correct. Nearly all of our representatives are spineless and cowards. I wish I could report differently.
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Old 06-21-2017, 03:13 PM   #4
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Bail out at tax payer expense. Continue business as usual.
I don't see why the fed can't dictate terms of a bailout. Demand they dump all their insane pension plans, and the addition of a state constitutional amendment that their budget must be balanced, and then you get a bailout. Which will have to be paid back in full plus interest equivalent to inflation (if the fed is feeling nice).
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Old 06-21-2017, 03:15 PM   #5
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Shocking. Considering the Godfather runs their largest city.

Last edited by ACCURACYINC; 06-21-2017 at 03:16 PM.. Reason: ...
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Old 06-21-2017, 03:24 PM   #6
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I don't see why the fed can't dictate terms of a bailout. Demand they dump all their insane pension plans, and the addition of a state constitutional amendment that their budget must be balanced, and then you get a bailout. Which will have to be paid back in full plus interest equivalent to inflation (if the fed is feeling nice).
Exactly what needs to happen, which means its very likely not going to happen.
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Old 06-21-2017, 07:26 PM   #7
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Illinois is a blue state. They will suffer the consequences!


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Old 06-22-2017, 08:14 AM   #8
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Exactly what needs to happen, which means its very likely not going to happen.
Agreed.
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Old 06-22-2017, 08:27 PM   #9
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Shocking. Considering the Godfather runs their largest city.
I hope he has to burn his desk to stay warm this winter.
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Old 06-27-2017, 11:14 AM   #10
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Originally Posted by sir shovelhands View Post
I don't see why the fed can't dictate terms of a bailout. Demand they dump all their insane pension plans, and the addition of a state constitutional amendment that their budget must be balanced, and then you get a bailout. Which will have to be paid back in full plus interest equivalent to inflation (if the fed is feeling nice).
I am not for any bailout whatsoever. The hard road of digging yourself out from the self created problem is what they need.

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Old 06-27-2017, 11:42 AM   #11
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Pensions are a tough one. Those of you advocating for "dumping all their insane pension plans" are really saying that they should take back the money they've promised to working people. If I work in a system where they take a chunk out of my paycheck per month with the promise that I'll get paid when I retire, they ought to uphold their end of the bargain. Maybe it was a dumb bargain, and the terms need to change for those going forward, but it's nearly theft to go backward and un-do the promises.

That said, should you be in a plan with a guaranteed payout if you work at a city park mowing grass, or if you check water meters all day? Nope, but that was the deal. Change the terms going forward.
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Old 06-27-2017, 12:56 PM   #12
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Sucks but that's what it is. Lock up the politicians for borrowing against the pension funds (stealing) and bankrupting it. If Joe Blow breaks into my home and steals my life savings out of my safe and spends it all on crack before the cops get him how much of a bail out am I going to get? We bail them out they continue to do the same thing.
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Old 06-27-2017, 01:13 PM   #13
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Social Security is next in line
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Old 07-07-2017, 09:38 PM   #14
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Well...they raised the personal income tax 32% & biz 7% to fix their problem.

They just don't get it. Folks & biz are gonna flee the state.
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Old 07-07-2017, 10:26 PM   #15
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Well...they raised the personal income tax 32% & biz 7% to fix their problem.

They just don't get it. Folks & biz are gonna flee the state.
Dems ALWAYS spend more than they take in and NEVER make real sacrifices (cuts in spending) they will raise the taxes, recieve the money, then create another way to spend it and very doubtful any of it is spent on bringing down their debt.
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Old 07-07-2017, 10:29 PM   #16
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Sucks but that's what it is. Lock up the politicians for borrowing against the pension funds (stealing) and bankrupting it. If Joe Blow breaks into my home and steals my life savings out of my safe and spends it all on crack before the cops get him how much of a bail out am I going to get? We bail them out they continue to do the same thing.
I agree with some of this but the pensioners are partly to blame.
They demand unrealistic compensation, and vote for the people who anyone
( with a little research) would know is going to mismanage it
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Old 07-07-2017, 10:30 PM   #17
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They have been broke for years. Way to much corruption
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Old 07-08-2017, 10:33 AM   #18
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I am not for any bailout whatsoever. The hard road of digging yourself out from the self created problem is what they need.

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Problem is people can just up and move these days. So you're screwing the older people more who can't move. I've never in favor of any bailout BTW..Just looking at an issue.

If those who caused the problem where forced to stay and live there that would help.

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Originally Posted by Jason Fry View Post
Pensions are a tough one. Those of you advocating for "dumping all their insane pension plans" are really saying that they should take back the money they've promised to working people. If I work in a system where they take a chunk out of my paycheck per month with the promise that I'll get paid when I retire, they ought to uphold their end of the bargain. Maybe it was a dumb bargain, and the terms need to change for those going forward, but it's nearly theft to go backward and un-do the promises.

That said, should you be in a plan with a guaranteed payout if you work at a city park mowing grass, or if you check water meters all day? Nope, but that was the deal. Change the terms going forward.
And if I work for a private company that goes broke? Should the government print more money or raise your taxes to pay my pension?

Bottom line is people need to be smart enough to see they're getting too good a deal when they work for the State, Feds (or basically most tax funded jobs). They take the risk.


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Originally Posted by J Sweet View Post
Sucks but that's what it is. Lock up the politicians for borrowing against the pension funds (stealing) and bankrupting it. If Joe Blow breaks into my home and steals my life savings out of my safe and spends it all on crack before the cops get him how much of a bail out am I going to get? We bail them out they continue to do the same thing.
Yep.
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Old 07-08-2017, 10:54 AM   #19
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WE bailed out the BIGGEST banks & investment houses in the world..........twice! I pray it does not come to that again but I wont hold my breath. Lots of GREAT people in the state of Illinois and I only wish the best for them.
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Old 07-08-2017, 06:35 PM   #20
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WE bailed out the BIGGEST banks & investment houses in the world..........twice! I pray it does not come to that again but I wont hold my breath. Lots of GREAT people in the state of Illinois and I only wish the best for them.
, yes sir, they need to find out who is responsible for the fiasco that is Illinois and hold them responsible. seems this is the case a lot these days; politicians run roughshod over their constituents, and there is no consequenses.

Illinois is a beautiful state and lots of good people as long as you stay south of I-80
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Old 07-11-2017, 04:35 AM   #21
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That said, should you be in a plan with a guaranteed payout if you work at a city park mowing grass, or if you check water meters all day? Nope, but that was the deal. Change the terms going forward.
What city or county govt jobs are worthy of a guaranteed payout upon retirement?
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Old 07-11-2017, 07:04 AM   #22
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What city or county govt jobs are worthy of a guaranteed payout upon retirement?
So you are saying "no one" that works a state, county or federal government job deserves a retirement?
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Old 07-11-2017, 07:25 AM   #23
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So you are saying "no one" that works a state, county or federal government job deserves a retirement?
He was asking a question of another poster.
He believes all city / state employees deserve a pension.
I agree with him on this point but i dont agree the pension plans that are driving cities , counties, and states into bankruptcy should be anywhere near as good as they are simply because they are not sustainable
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Old 07-11-2017, 07:34 AM   #24
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TCDRS (look it up) is doing great...as opposed to the crappy municipal plans. Pending an economic collapse the wife and i will have nice pensions at a relatively young age.
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Old 07-11-2017, 08:36 AM   #25
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He was asking a question of another poster.
He believes all city / state employees deserve a pension.
I agree with him on this point but i dont agree the pension plans that are driving cities , counties, and states into bankruptcy should be anywhere near as good as they are simply because they are not sustainable
You put in 20 years working some under paid job for the city, county or state I think you should get some sort of guaranteed pension

It's hard to save on those low wages.
One of if not the most lucrative part of working govt jobs are the benefits with the pension being high on the list.

I got from the other poster that the guy that cuts the grass on the runway at Hobby shouldn't get a pension but the lawyer that oversaw the building of the new international terminal should.

No bueno.

Oh and pension funds are bankrupting govts because govt officials are raiding the pension funds and using the money elsewhere gambling that they'll be able to pay it back but then they can't and wa-lah.
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Old 07-11-2017, 09:33 AM   #26
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TCDRS (look it up) is doing great...as opposed to the crappy municipal plans. Pending an economic collapse the wife and i will have nice pensions at a relatively young age.
I wouldn't be worried about any plan ran by the State which would include the Counties. I would be worried if I worked for any big municipality ran by dems, you know that they aren't going to be solvent. Just a matter of time before all the large cities in the US end up like Chicago and Detroit.
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Old 07-13-2017, 09:13 PM   #27
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Problem is our cities, counties etc need to be run like a company would. Someone needs to be accountable. The way we let them run things now is plain stupid.
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Old 07-13-2017, 09:31 PM   #28
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Problem is our cities, counties etc need to be run like a company would. Someone needs to be accountable. The way we let them run things now is plain stupid.
They are run like a company, just you know, the shady kind kind that goes bankrupt and ruins a bunch of people lives...like Enron.
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Old 07-14-2017, 07:44 AM   #29
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They are run like a company, just you know, the shady kind kind that goes bankrupt and ruins a bunch of people lives...like Enron.
And, people went to jail.
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Old 07-16-2017, 01:33 PM   #30
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They are run like a company, just you know, the shady kind kind that goes bankrupt and ruins a bunch of people lives...like Enron.
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And, people went to jail.
Aaaaaaaaaaaaaaaaaaand there's the difference. Hold people accountable & this type crap would end over night. As it is now, NONE of them ever pay the piper.
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Old 07-16-2017, 06:11 PM   #31
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And, people went to jail.
Which, honestly, surprised me; given how the SEC usually just hands out wrist slaps instead of real punishment.
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