patrick.net

Could IL be the 1st state in the union that goes into bankruptcy?

Yes. Duh.

lostand confused says

Could IL be the 1st state in the union that goes into bankruptcy?

Good. They are worse than California.

Strategist says

They are worse than California.

Corrupt as fuck. Chicago just doubled real estate taxes. meanwhile violent crime is up 50% in the last year, and the schools are total garbage in both city and farmland. Ofc the teachers get crazy pensions like all govt employees, which is the main source of their unfunded liabilities.

It should go bankrupt.

Chicago is the epitome of leftist democrat policies.

- Strong powerful state unions
- Strict gun control policies
- Sanctuary city policies
- Unmitigated Entitlement programs

"Corrupt as fuck. Chicago just doubled real estate taxes. meanwhile violent crime is up 50% in the last year, and the schools are total garbage in both city and farmland. Ofc the teachers get crazy pensions like all govt employees, which is the main source of their unfunded liabilities. It should go bankrupt."

Schools are bad in the city, of course, but overall IL schools are not bad. And they should really go after administrators--not teachers--but both have pensions that are out of control.

joeyjojojunior says

nd they should really go after administrators--not teachers--

Don't be so sure.
Teacher for a day and pension for life.
http://www.chicagotribune.com/news/opinion/editorials/ct-teacher-pension-court-edit-0324-20150323-story.html

That article is not really applicable. He was a slimy lobbyist who wants to count his years lobbying towards his pension. I can guarantee you that no teacher who taught for 1 day is going to collect any pension

joeyjojojunior says

He was a slimy lobbyist who wants to count his years lobbying towards his pension. I can guarantee you that no teacher who taught for 1 day is going to collect any pension

Oh please, how can you guarantee that??

"Oh please, how can you guarantee that??"

Because, you know, rules?

joeyjojojunior says

Because, you know, rules?

You guaranteed , not me-so put up.

"You guaranteed , not me-so put up."

lol--you want me to post the pension balances of everyone who every taught 1 day in IL?

I was at lunch yesterday. Dude on a cell phone talking to his dad and then wife about moving out of the state. Contract on the house already and moving out of here in August. I've overheard this in public many times. Many friends and acquaintances are moving out as well. So anecdotal by all measures, but it's getting worse from the people I know and don't know (which are the people that actually pay taxes).

Chicago is going to stay flat population wise. Rest of the state, mainly downstate, is in big trouble. I do well here, but a family pulling in less than $150k here would be better off moving on. The sucking sound is getting louder. The grass isn't always greener on the other side, but at least it's not dead.

joeyjojojunior says

lol--you want me to post the pension balances of everyone who every taught 1 day in IL?

Why not? Back up your claim or withdraw it. Either way don't make claims you cannot possibly back up.

"Why not? Back up your claim or withdraw it. Either way don't make claims you cannot possibly back up."

I did back it up. There are strict rules regarding TRS. It's painfully obvious.

http://www.foxnews.com/politics/2017/06/20/illinois-careens-into-financial-meltdown-and-not-even-lottery-is-safe.html

Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards.

A top financial official just warned 100 percent of the state's monthly revenue will be eaten up by court-ordered payments. Rauner is calling a special session of the Democrat-led General Assembly in a bid to pass what he hopes will be the first full budget package in almost three years.

And Illinois will – literally – lose the lottery if the budget fails.

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales.

But the problems are years in the making, caused in large in part by the state’s poorly funded pension system— which led Moody’s Investors Services to downgrade the credit rating to the lowest of any state. The state currently has $130 billion in unfunded pension obligations, and a backlog of unpaid bills worth $13 billion.

http://www.chicagotribune.com/news/columnists/kass/ct-dissolving-illinois-kass-met-20170620-column.html

What to do with a broken Illinois: Dissolve the Land of Lincoln

Illinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper.

But before we run out of the essentials, let's finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people's money.

Those "other people" include taxpayers who've abandoned the state. And now Illinois faces doomsday.

So as the politicians meet in Springfield this week for another round of posturing and gesturing and blaming, we need a plan.

And here it is:

Dissolve Illinois. Decommission the state, tear up the charter, whatever the legal mumbo-jumbo, just end the whole dang thing.

We just disappear. With no pain. That's right. You heard me.

The best thing to do is to break Illinois into pieces right now. Just wipe us off the map. Cut us out of America's heartland and let neighboring states carve us up and take the best chunks for themselves.

The group that will scream the loudest is the state's political class, who did this to us, and the big bond creditors, who are whispering talk of bankruptcy and asset forfeiture to save their own skins.

Problem is that I don't see any of the neighboring states wanting Chicago

All they really need to do is dissolve Chicago.

"All they really need to do is dissolve Chicago."

lol--where do you think the tax revenue comes from? Have you ever been to IL south of Kankakee? Every store has a sign with WIC cards accepted on the door.

joeyjojojunior says

lol--where do you think the tax revenue comes from?

Who gives a shit about tax revenue? Chicago is also the center of all the corruption, union gangsters, and bankrupting policies. Chicago is the epicenter for the state's troubles in the first place.

Tax revenue.

joeyjojojunior says

where do you think the tax revenue comes from?

Where you you think all the waste and corruption is concentrated?

"Who gives a shit about tax revenue? Chicago is also the center of all the corruption, union gangsters, and bankrupting policies. Chicago is the epicenter for the state's troubles in the first place. Tax revenue."

Wow--that post should be nominated.

Here's a quick primer for you on how budgeting works--you have to match spending with... REVENUE!!! So, revenue is really just as important as spending. Cutting revenue has exactly the same effect as increasing spending.

See how that works?

"Where you you think all the waste and corruption is concentrated?"

Where isn't it concentrated? Springfield, Chicago, suburbs, downstate, it's everywhere.

joeyjojojunior says

Here's a quick primer for you on how budgeting works

But the state of Illinois hasn't had an actual budget in a few years. That's how bad it's gotten!

joeyjojojunior says

Here's a quick primer for you on how budgeting works-

Budget? What budget? Illinois hasn't had one in years.

zzyzzx says

But the state of Illinois hasn't had an actual budget in a few years. That's how bad it's gotten!

LOL, great minds think alike.

I love the irony though. Someone trying to grand stand about how "budgeting works" in a state that hasn't had one in years.

"Budget? What budget? Illinois hasn't had one in years."

So what? That has nothing to do with my lesson for you.

The irony is someone posting on here about a state going bankrupt and thinking revenue doesn't matter.

You can't make this stuff up.

joeyjojojunior says

The irony is someone posting on here about a state going bankrupt and thinking revenue doesn't matter.

You can't make this stuff up.

No one in this thread has made that point.

Goran says

"Who gives a shit about tax revenue?"

joeyjojojunior says

"Who gives a shit about tax revenue?"

Hmm, I seem to remember there was much more attached to that post besides that one statement but maybe it's just me.

joeyjojojunior says

The irony is someone posting on here about a state going bankrupt and thinking revenue doesn't matter.

It's not that revenue doesn't matter, it's when you are already wildly out taxing your neighbors, raising taxes is probably should not be your first choice, and probably isn't going to work.

"It's not that revenue doesn't matter, it's when you are already wildly out taxing your neighbors, raising taxes is probably should not be your first choice, and probably isn't going to work."

My point has nothing to do with raising taxes. It's that if you somehow dumped Chicago into Lake Michigan, I don't think it would be a net gain for the state.

"Hmm, I seem to remember there was much more attached to that post besides that one statement but maybe it's just me."

There were a few more sentences there, but nothing important. If you have a point to make, why not just make it instead of wasting 10 posts?

zzyzzx says

It's not that revenue doesn't matter, it's when you are already wildly out taxing your neighbors, raising taxes is probably should not be your first choice, and probably isn't going to work.

Not only that, when you constantly elect politicians who don't care about a budget, and use any revenue poorly, more tax revenue does nothing to solve the problem.

joeyjojojunior says

Have you ever been to IL south of Kankakee? Every store has a sign with WIC cards accepted on the door.

Kankakee is a shithole also

joeyjojojunior says

There were a few more sentences there, but nothing important. If you have a point to make, why not just make it instead of wasting 10 posts?

I'm not sure what else I can do to help you. What aren't you getting?

ILLINOIS IS BROKE & Democrats Did It $130 BILLION in Unfunded Pension Liabilities Alone Democrats gave their kickbacks to unions that way

"I'm not sure what else I can do to help you"

Well, there's your problem. I clearly don't need your help. You need to help yourself first. When you have an understating of how revenues affect a budget, then you can come back here and try again.

joeyjojojunior says

It's that if you somehow dumped Chicago into Lake Michigan, I don't think it would be a net gain for the state.

Chicago already has it's own budget problems all by itself, which suggests that it would be a net gain for the state.

joeyjojojunior says

Wow--that post should be nominated.

I think he is asking what good revenue is if it is going to be siphoned off anyway and taxation is increased to make up for the shortfall caused by said siphoning.