Looks like you IL folks are screwed...

[Capt Worley PE]

In Illinois, five state pensions are in the red by a staggering $97 billion - or more than $20,000 for every household in the state. Inaction by lawmakers has prompted rating agencies to downgrade the state's credit rating and raised fears of service cuts, tax increases and other hardships for the residents.

-illinois-pensions-idUSBRE91B03R20130212">http://www.reuters.com/article/2013/02/12/us- USA -illinois-pensions-idUSBRE91B03R20130212

You should encourage Chicago to secede from the state.

 

[snickerd3]

this isn't news anymore...

Although it is likely the main delay on the union contract talks. They need to make a decision but no one wants to talk about it

 

[Capt Worley PE]

Oh, nevermind. This should fix everything....

Quinn wants Illinois' minimum wage to increase from $8.25 to $10 an hour over the next four years. The federal minimum wage is $7.25 an hour, but Illinois' rate has been higher for years. Business groups are likely to oppose such a change.

http://articles.chicagotribune.com/2013-02-06/news/chi-quinn-to-call-for-minimum-wage-increase-to-10-an-hour-20130206_1_assault-weapons-minimum-wage-pat-quinn-today

 

[snickerd3]

I hope that one falls flat on its face...NFW that min wage should be $10/hr. I'd like to be able to afford shopping/eating out with out the price jumping more than it already has.

high school kids will have a harder time finding jobs as there will be less to offer

 

[Master slacker]

Tom Cross, the Republican leader in the state House, said the union coalition, "We Are One Illinois," remained committed to fixes it proposed late last year, which rely largely on new taxes to address sky-rocketing pension liabilities.

"All five systems are receiving a benefit they are not adequately paying for," Cross said. "The unions need to recognize that fact - and the fact that there is not an appetite among the general public to fix the problem just by raising more revenue."

Not at all surprised by the union solution being "raise taxes!".

 

[Flyer_PE]

The downgrade to the credit rating is just the start. The bond market is going to impose the spending restraints that the politicians are unwilling tackle on their own. When it happens, it's going to get real damned interesting. I'm starting to look real hard at moving to a state that understands that spending huge amounts of money and raiding the pension plans to pay for it are a bad idea.

 

[Capt Worley PE]

The downgrade to the credit rating is just the start. The bond market is going to impose the spending restraints that the politicians are unwilling tackle on their own. When it happens, it's going to get real damned interesting. I'm starting to look real hard at moving to a state that understands that spending huge amounts of money and raiding the pension plans to pay for it are a bad idea.

When you get right down to it, pension plans are a bad idea. People live too long after retiring.

 

[Flyer_PE]

I don't think it's so much that pension plans are a bad idea in and of themselves. They should be simple annuities just like those sold by insurance companies. However, if an insurance company took the funds used to support the annuity payments and replaced them with IOU's, people would be going to jail. Since it's the state, they'll just blame the other party and run for re-election.

 

[Judowolf PE]

Well unfortunately the is the direction that national politics is following...what happens in NY, Illinois and California is just 5-10 years ahead of the nation

 

[ALBin517]

Politicians love to spend and borrow, when the bill doesn't come due until they are out of office.

 

[Capt Worley PE]

SPRINGFIELD, Ill. — The Illinois legislature on Tuesday ended a day of emotional debate and fierce back-room arm-twisting by passing a deal to shore up the state’s debt-engulfed pension system by trimming retiree benefits and increasing state contributions.

http://www.nytimes.com/2013/12/04/us/politics/illinois-legislature-approves-benefit-cuts-in-troubled-pension-system.html?hpw&rref=us&_r=1&

 

[rktman]

The downgrade to the credit rating is just the start. The bond market is going to impose the spending restraints that the politicians are unwilling tackle on their own. When it happens, it's going to get real damned interesting. I'm starting to look real hard at moving to a state that understands that spending huge amounts of money and raiding the pension plans to pay for it are a bad idea.

When you get right down to it, pension plans are a bad idea. People live too long after retiring.

Yep, too many are working their 20-25 years, retiring, and living 30-35 years beyond retirement. Its a great deal, but just not sustainable.

Private practice folks see this disparity and some are willing to take a 10-15k pay cut to work for a pensioned govt job.

I tried it but could not stomach the waste and bad thinking. I'll work till 70 but at least I'll be sane (I hope).

 

[snickerd3]

SPRINGFIELD, Ill. — The Illinois legislature on Tuesday ended a day of emotional debate and fierce back-room arm-twisting by passing a deal to shore up the state’s debt-engulfed pension system by trimming retiree benefits and increasing state contributions.

http://www.nytimes.com/2013/12/04/us/politics/illinois-legislature-approves-benefit-cuts-in-troubled-pension-system.html?hpw&rref=us&_r=1&

at least now the court battle to determine if it is legal can start. I'm already screwed so it doesn't matter.

 

[Master slacker]

Either let it be law or let the state declare bankruptcy in a few years. One of these scenarios will make the unions take it in the keister even harder.

 

[Capt Worley PE]

^I seriously believe you WILL see states start declaring bankruptcy to get out from under pensions.

 

[snickerd3]

I don't think IL can unless they change the state constitution.

Looks like i have to work 4 yrs, 4 months longer to be eligible to retire and will lose 5 COLAs...during yrs 2,4,6,8, &10 after retiring

 

[Road Guy]

If Obama had a few more terms this would be America in another 8 years...

 

[knight1fox3]

The downgrade to the credit rating is just the start. The bond market is going to impose the spending restraints that the politicians are unwilling tackle on their own. When it happens, it's going to get real damned interesting. I'm starting to look real hard at moving to a state that understands that spending huge amounts of money and raiding the pension plans to pay for it are a bad idea.

We're right next door. Feel free to come a bit more north.