Yahoo...yield curve inversion...how long does Illinois have left? (Media: health insurance, school)

[BRU67]

Originally Posted by GhostOfAndrewJackson

Boys and girls we now have yield curve inversion. Historically it signals a recession in about 24 months, so after Trump The Awesome's re-election.

What will be interesting is to see what happens in Illinois. J(elly) B(elly) Pritzker has done nothing, and will do nothing to curb the pension implosion. In fact he has exacerbated problem by going on wage spending spree. He was already pushing for a state wide unemployment spike with a $15 an hour minimum wage which should merge into a national recession perfectly. And given the high wage earners he wished to tax tend to get a lot of their compensation in variable form, even those fantasy revenues will be down. The best part is, Trump made overtures to Pritzker and Pritzker stabbed the unforgiving Trump in the back. With Trump retaining the White House and Illinois a sanctuary state, do you think any Federal funds will flow to bail Illinois out of its self-inflicted pension death spiral?

This could be over sooner than I thought. Totally awesome. I never saw a state collapse before. It should be interesting. I can't wait to see the expression on the face of the greedy public sector retirees as the well runs dry.

https://www.bloomberg.com/news/artic...7?srnd=premium

A Trump reelection, if that indeed happens, will likely cause our state lurch further to the left. By the time we hit 2024, we may well have free college, free Medicare for all, universal basic income, a complete ban on immigration enforcement, impaired law enforcement, and quite possibly free housing for all. And of course no way to pay for all this creamy goodness other than weed, gambling, and increased taxes on the rapidly declining wealth and middle class. If you live here, you should want a moderate to win the Presidency, not Trump.

Though Beto's lunch counter speeches (I mean, he goes up on a counter EVERY freakin' time, I started to analyze why but then just stopped), the calls for Socialism to loud Millennial cheers at the trendy Southwest Festival in expensive gentrified Austin, Texas, and the new AOC comic book are highly entertaining, I think the party really needs to start to focus on bread and butter issues, and start making the case as to why they're the better choice, for everyone. And I mean like soon. Otherwise the Democrats will get pasted in 2020.

[deeman7]

I just read about something called yield curve inversion and now I'm going to post about it on the internet.

[Maintainschaos]

Originally Posted by deeman7

I just read about something called yield curve inversion and now I'm going to post about it on the internet.

And you shall be crowned king!

[MSchemist80]

Politics is a major factor in quality of life and affordability in Illinois. Sad it has gotten to this point. The state and local governments are like plumbing. You shouldn't have to spend much time thinking about it except in Illinois a geyser of sewage is spewing out and noone is properly addressing it.

[bobsell]

The yield curve didn't invert. It flattened in the middle. But it is heading toward Invertaritaville, and will be looking for its shaker of salt soon

[DougStark]

As an outside looking in, seems one "no-brainer" change IL should make is tax IL public pension incomes (not that it would fill the massive shortfall, however.)

https://www.chicagotribune.com/news/...212-story.html

[GhostOfAndrewJackson]

Originally Posted by DougStark

As an outside looking in, seems one "no-brainer" change IL should make is tax IL public pension incomes (not that it would fill the massive shortfall, however.)

https://www.chicagotribune.com/news/...212-story.html

Would that pass the insane (my opinion) IL Court system's test of not diminishing the value of the pension the way they calibrate it?

Personally I always thought everyone should have the same skin in the game, which is why I favor a true flat tax and that includes retirement plan income (excluding ROTHs of course).

[damba]

Originally Posted by GhostOfAndrewJackson

Would that pass the insane (my opinion) IL Court system's test of not diminishing the value of the pension the way they calibrate it?

Personally I always thought everyone should have the same skin in the game, which is why I favor a true flat tax and that includes retirement plan income (excluding ROTHs of course).

Flat tax, ROTFL. You are essentially a flat earther.

[MSchemist80]

Look if they are going to open the Illinois constitution for a progressive income tax they need to open it up for pension reductions as well. My suggestion would be a graduated pension reduction. People with $30k pensions get little or no reduction double dippers with spiked $250k a year pensions get a big reduction. It probably won't happen because the Democratic Party have made it quite clear they don't give a crap about the people other than their cronies.

[GhostOfAndrewJackson]

Originally Posted by MSchemist80

Look if they are going to open the Illinois constitution for a progressive income tax they need to open it up for pension reductions as well. My suggestion would be a graduated pension reduction. People with $30k pensions get little or no reduction double dippers with spiked $250k a year pensions get a big reduction. It probably won't happen because the Democratic Party have made it quite clear they don't give a crap about the people other than their cronies.

Great post. You are correct, if they are going the Constitutional amendment route pension surgery needs to be introduced.

They need to eliminate the defined benefit plan going forward and move to SS plus a defined contribution plan. The contribution rate should be the determined each year based on the average private sector employees receive who work in Illinois.

Health care benefits should also be altered so employees pay 75% of the cost.