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 Illinois on Death Watch

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Diseasel



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PostSubject: Illinois on Death Watch   December 27th 2015, 11:21 pm

An update to the IL debt story. In a nutshell there's zero chance of recovery without changing the State constitution and declaring bankruptcy. The ship is going down.


http://globaleconomicanalysis.blogspot.com/2015/12/death-watch-illinois-despite-massive.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 9:53 am

The direct result of Wimpy Burger Politics...."I'll gladly give you free stuff tomorrow for your vote today"

Wimpy is dead and now there's no money.

The debt will be shifted to the Feds, that way, all of us get to pay for another failed Utopian scheme. The Feds never run out of other peoples money, they just print more. Pretty soon, we'll have million dollar bills with a smiling jackass on the front like every other third world nation.
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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 1:10 pm

US Treasury daily statement from Friday tacks us up $to 18.8 trillion now owed and no spending limit through March 2017.

Just like California who provides tax payer pensions at 90% of their highest annual salary for the rest of their lives after they retire. Many municipalities have full retirement plans after 20 years of service. A firefighter making $120,000 annually retires at age 55 will get $108k annually until deceased. Simply unsustainable. Living another 30 years that's $3.2 million paid out, for one retiree.

It's no wonder the pot holes only get bigger, there's no money for infrastructure.

How are the municipalities responding to these crisis? Why yes by spending more money they don't have hiring pension consultants and teams at $200k a pop or higher to work magic. Genius.
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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 1:42 pm

If I collect my state pension for 20 years I will have received $168,000. I should have move to California or started working for the local government much earlier. I was only there 11 1/2 years.

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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 2:08 pm

joemac wrote:


Just like California who provides tax payer pensions at 90% of their highest annual salary for the rest of their lives after they retire.  Many municipalities have full retirement plans after 20 years of service.  A firefighter making $120,000 annually retires at age 55 will get $108k annually until deceased.   Simply unsustainable.  Living another 30 years that's $3.2 million paid out, for one retiree.  



That's just ridiculous! No wonder that state is on its way down. They just keep propping it up like the fed. The higher they build it the bigger a disaster it will be. Texas has far too much debt but nothing like some other states.
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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 2:20 pm

From the article;
"Tax hikes won't help the dead or dying. Instead they will cause the healthy and able to flee.
"

Exactly what should happen. And if the blodsuckers are the ones moving while the moving is good I hope they stay in the NE area or go to Cali or Oregon, not the south.

"As noted above Illinois pension plans are 42% funded, and that's with projected returns of 8%. If returns average 2% or even 5%, liabilities and under-fundings will soar.

Unfortunately, history suggests 0% is more likely. Here's further discussion of what to expect and why.
Read more at http://globaleconomicanalysis.blogspot.com/2015/12/death-watch-illinois-despite-massive.html#LKAjzGgwQd1HmemB.99"

And will only get worse as the politicians an d unions try to get every drop of blood for themselves until Ill really is dead.
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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 2:49 pm

Kubota and Toyota both moved their US headquarters from California to the DFW area. Tons of moonbeams coming with them too.
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Diesel Dan

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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 2:54 pm

joemac wrote:
Just like California who provides tax payer pensions at 90% of their highest annual salary for the rest of their lives after they retire.  Many municipalities have full retirement plans after 20 years of service.  A firefighter making $120,000 annually retires at age 55 will get $108k annually until deceased.   Simply unsustainable.  Living another 30 years that's $3.2 million paid out, for one retiree.

It's called basic math but is amazing how many can't grasp it.

Michigan has/had cities with the same issue. What happens is they would save the "sick" days, personal days and anything else they could think of to pad the final year of employment and then the pension is based off that. You have cases where the pension exceeds any years pay--except for the fictitious last years amount.

I know a guy who made over 200K in one year as hourly skilled trades at GM, 3900+ hours clocked that year!
Upon retirement he receives the same 36k annual that everyone else gets.
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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 5:08 pm

When I cashed out, I didn't have much time banked. 5 weeks vacation, 5 weeks sick time. The cheap bastards gave me 50% of that time, paid each hour the salary of the year it accrued. I would have been better off having knee surgery and using up all the time which would have been paid at my last current pay rate. You don't see the bosses getting screwed, only the rank and file. Even though I was Civil Service I had a 5 year contract that gave me 5% increase. The municipality decided to ignore the contract and pay whatever the union guys agreed upon. My lawyer said I could get everything back in full if I was willing to pay him and wait 5 years for a settlement. The bosses gave themselves 5% every 6 months. Those guys will retire with over $100,000 year and benefits.

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PostSubject: Re: Illinois on Death Watch   December 28th 2015, 10:41 pm

Working as much OT as possible is another trick I heard to pad the last year or or few, however many needed to get the formula up. Obviously its been going on for years and if it hasn't been fixed yet then there is no intention to do so.
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PostSubject: Re: Illinois on Death Watch   December 29th 2015, 2:27 pm

OT didn't help me, nor did the stipend I received as safety officer. The amount for me was based on my 40 hour week pay base.

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PostSubject: Re: Illinois on Death Watch   December 29th 2015, 4:16 pm

Much of the increased salaries and enormous pensions are done in the dark of the night with city councils behind closed doors. Citizens never get a voice into the decisions. In San Diego a the issue was hot enough it finally made the ballot in the last year or so. 70% of citizens voted that salary and pension benefit increases were to be voted on by tax payers.

Illinois and Chicago is as corrupt as they come.
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Diseasel



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PostSubject: Re: Illinois on Death Watch   December 29th 2015, 6:37 pm

Yep, Illinois pension increases were based on whether or not the elected official wanted to be re-elected. Of course most did and greased the skids. We all know it's the same at the national level.
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PostSubject: Re: Illinois on Death Watch   December 29th 2015, 9:59 pm

The Windy City isn't named for the weather....but for all the hot air and bullshit spewing from the politicians there.
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PostSubject: Re: Illinois on Death Watch   December 30th 2015, 12:07 am

pup wrote:
The Windy City isn't named for the weather....but for all the hot air and bullshit spewing from the politicians there.

That is a fact in fact!

The tax payers should have a lot more say so than we do. But direct democracies don't have the best track record; ie Democratic Rep of Congo, Venezuala to a large extent, Democratic Republic of Korea(LOL).

Laws should be done more at the local level, not the federal level.
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PostSubject: Re: Illinois on Death Watch   December 30th 2015, 10:55 am

America has become what the founders went to war to fight against.

All the power has been centralized again and our "rights" is a charade.
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PostSubject: Re: Illinois on Death Watch   December 30th 2015, 11:47 am

theshyguy wrote:
Laws should be done more at the local level, not the federal level.

Slippery slope as some might still allow for slavery then.
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PostSubject: Re: Illinois on Death Watch   December 30th 2015, 12:31 pm

Diesel Dan wrote:
theshyguy wrote:
Laws should be done more at the local level, not the federal level.

Slippery slope as some might still allow for slavery then.

Slavery was on it's way out an in decline across the globe before the civil war. Slavery would have died a natural death here as well. Plus the fact that the civil war wasn't fought over slavery. It was fought because states were attempting to succeed from the union.

There's much about slavery in the US that has been rewritten history making it into this monster. Slaves were property and were used in large to work the new cotton industry that had exploded over the south. The media today portrays "millions lynched", or some great number of lynchings in general. The ultimate authority the Tuskegee Institute has the accurate historical record of the totals, it's far less impressive than the media today and even text books try and portray. In addition lynching was a common punishment for crimes with a death sentence. Caucasians were lynched as well. Historical archives of news papers that are even online today like the St. Louis dispatch and many others document this.

The maturing of a civilized society popular sentiment would have forgone slavery in the US. The Romans has more slaves than anyone across multiple ethic groups, today, not so much.
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PostSubject: Re: Illinois on Death Watch   December 30th 2015, 12:41 pm


http://www.nytimes.com/2015/10/27/us/illinois-budget-stalemate-rauner-and-democrats-divided.html?_r=0

Notice of all the cuts, they are to services. Not to salaries or benefits. Thus the problem will continue to exist and grow worse. What they have is unsustainable, even a a vibrant and growing economy, which if they believe we have that, that's the second sham that needs to be dispelled.

The state is $8.5 billion in the hole currently. Not paying lotto winners, or funding meals for homeless or elderly, nor not sending out DL renewal notices isn't going to fix the problem.

The state has made promises of which it can't keep. The sooner it comes to that reality the better. Sadly it's likely to not come to that reality and look to the federal government for assistance.
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Diseasel



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PostSubject: Re: Illinois on Death Watch   December 30th 2015, 4:18 pm

Hopefully the #$% hits the fan after obama leaves office.
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PostSubject: Re: Illinois on Death Watch   January 1st 2016, 11:51 am

joemac wrote:


Slavery was on it's way out an in decline across the globe before the civil war.  Slavery would have died a natural death here as well.  Plus the fact that the civil war wasn't fought over slavery.  It was fought because states were attempting to succeed from the union.

There's much about slavery in the US that has been rewritten history making it into this monster.  Slaves were property and were used in large to work the new cotton industry that had exploded over the south.  The media today portrays "millions lynched", or some great number of lynchings in general.  The ultimate authority the Tuskegee Institute has the accurate historical record of the totals, it's far less impressive than the media today and even text books try and portray.  In addition lynching was a common punishment for crimes with a death sentence.  Caucasians were lynched as well.  Historical archives of news papers that are even online today like the St. Louis dispatch and many others document this.  

The maturing of a civilized society popular sentiment would have forgone slavery in the US.  The Romans has more slaves than anyone across multiple ethic groups, today, not so much.

I'm not going by the media today but there is still a small fragment of society that would be in favor of slavery, not nec of any particular race. If enough congregated into one state they could swing that states popular vote in a direction they want.  Same with Muslims and sharia law, that is why federal laws are required.
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PostSubject: Re: Illinois on Death Watch   January 1st 2016, 1:59 pm

I agree. The federal laws should give a broad stroke at whats allowed and not allowed. The problems has arisen when the fed decided to try to start making the smallest of decisions in our lives. They threaten to without our money from us unless we do what they want.
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PostSubject: Re: Illinois on Death Watch   January 2nd 2016, 10:44 pm

There's only so many piles of money remaining so it's only a matter of time before the government is forced to add new taxes to our IRAs, 401ks, 457s, 403b, etc. I wouldn't be surprised if they tried to tap into post tax Roth plans too.

The Dept of Labor approved IL, CA, and OR to start their own state mandated 401k plans. They can't manage their own governments and now they want to manage state retirement plans. It smells like the fox guarding the hen house.


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PostSubject: Re: Illinois on Death Watch   January 3rd 2016, 10:51 am

Its about time for the rulers to cash out our retirement plans again. China is faltering now, so look for another big market crash by election day.

When oil prices start rising again, that will be the trigger.
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PostSubject: Re: Illinois on Death Watch   January 5th 2016, 11:37 am

joemac wrote:

http://www.nytimes.com/2015/10/27/us/illinois-budget-stalemate-rauner-and-democrats-divided.html?_r=0

Notice of all the cuts, they are to services.  Not to salaries or benefits.  Thus the problem will continue to exist and grow worse.  What they have is unsustainable, even a a vibrant and growing economy, which if they believe we have that, that's the second sham that needs to be dispelled.

The state is $8.5 billion in the hole currently.  Not paying lotto winners, or funding meals for homeless or elderly, nor not sending out DL renewal notices isn't going to fix the problem.  

The state has made promises of which it can't keep.  The sooner it comes to that reality the better.  Sadly it's likely to not come to that reality and look to the federal government for assistance.

things are pretty fucked up here.  My business is hanging tough but were fighting.  I have to honest, I am very concerned at the moment.

sucks when your whole life work is out of your control as these bastards do whatever they want down there in Springfield.  

Most people have had enough and that's why Rauner got elected, but he has an uphill battle as Mike Madigan is the real boss of IL and was bought and paid for from the Unions for the last 40 years.

Here is a new story from a company like mine, we do some of this same work.

http://www.dailyherald.com/article/20151229/business/151229128/

Most people think IL is liberal as a whole, but really if you look at the election demographics, the entire state is red, except cook county, but they control things.  Rauner won the entire state except for Cook..

He is actually standing up to these crooked bastards so we have no budget but if that's what it takes for him to break this cycle, then so be it, I'm behind him...

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