Parkview_Pirate
11-17-2016, 09:09 AM
http://www.zerohedge.com/news/2016-11-16/illinois-pension-funding-sinks-376-unfunded-liability-surges-130bn
That said, certain states are better at the ponzi game than others and the great state of Illinois, we must say, is one of the best. As we noted a few months ago, Illinois governor Bruce Rauner even admitted to being a willing participant in his state's pension ponzi warning that should his largest public pension fund do what it should have done long ago, it would put a big dent in the state's already fragile finances and lead to "crippling" pension payment hikes. But, if you ignore the problem then surely it will just go away...good plan.
And, while the pension ponzi can likely outlast Rauner's term as governor, eventually funding for current claims can only be borrowed from future generations for so long before finally running out of cash. As the latest "Special Pension Briefing" report from Illinois' Commission on Government Forecasting and Accountability (CGFA) points out, that time may be getting very near.
Man, I thought Quinn was bad at math, but Rauner's at least as bad.
https://www.illinoispolicy.org/illinois-wealth-flight-explained-in-4-graphics/
But that income differential increased dramatically after the 2011 tax hikes. In tax year 2010, the last year before the tax hike, the differential was $5,900. The difference jumped to $9,700 in 2011; $14,300 in 2012; $13,700 in 2013; and $20,100 in 2014.
In 2013, I got the hell out of the Land of Lincoln - tired of paying taxes that were going higher, and NO accountability for Madigan and his cronies in Springfield. With people coming into Illinois earning $20K less than those leaving, it's not looking good for those on pensions. Amendment to the state constitution, on deck. Must be all those "deplorables" moving in from the surrounding red states....
That said, certain states are better at the ponzi game than others and the great state of Illinois, we must say, is one of the best. As we noted a few months ago, Illinois governor Bruce Rauner even admitted to being a willing participant in his state's pension ponzi warning that should his largest public pension fund do what it should have done long ago, it would put a big dent in the state's already fragile finances and lead to "crippling" pension payment hikes. But, if you ignore the problem then surely it will just go away...good plan.
And, while the pension ponzi can likely outlast Rauner's term as governor, eventually funding for current claims can only be borrowed from future generations for so long before finally running out of cash. As the latest "Special Pension Briefing" report from Illinois' Commission on Government Forecasting and Accountability (CGFA) points out, that time may be getting very near.
Man, I thought Quinn was bad at math, but Rauner's at least as bad.
https://www.illinoispolicy.org/illinois-wealth-flight-explained-in-4-graphics/
But that income differential increased dramatically after the 2011 tax hikes. In tax year 2010, the last year before the tax hike, the differential was $5,900. The difference jumped to $9,700 in 2011; $14,300 in 2012; $13,700 in 2013; and $20,100 in 2014.
In 2013, I got the hell out of the Land of Lincoln - tired of paying taxes that were going higher, and NO accountability for Madigan and his cronies in Springfield. With people coming into Illinois earning $20K less than those leaving, it's not looking good for those on pensions. Amendment to the state constitution, on deck. Must be all those "deplorables" moving in from the surrounding red states....