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That has nothing to do with Illinois being a single STATE with its residents owing MORE in unfunded pension and benefits obligations than the per capita national debt amount. And STATES can't print money.
If you have a problem with the national debt, blame Obama. He was an utter disaster. Added more debt than all the previous presidents combined.
Yeah, I was just showing to you your double standard, I guess you missed that. No surprise there.
National debt blame? Sorry, the idiotic deregulation that crashed the economy was done by the administration before Obama. We also know who started the never ending wars. So nice try.
Lastly, as I mentioned, the economy is supposed to be "good" now. So, at least the debt growth should have been stopped, instead the tax "cut" alone is adding more than a trillion each year.
National debt blame? Sorry, the idiotic deregulation that crashed the economy was done by the administration before Obama. We also know who started the never ending wars. So nice try.
LBJ stole money from Social Security to pay for the Vietnam War.
NY and CA are doing just fine, at least for anyone who bought a house there 30 years ago. The main problem with NY and CA is the cost of housing, not taxes.
Housing is a very local market.
Housing costs rise when local demand for housing exceeds local supply.
People have been making economic migrations, since forever.
Yeah, I was just showing to you your double standard, I guess you missed that. No surprise there.
It's not a double standard. There's a SIGNIFICANT difference. The Federal Reserve can create additional cash out of thin air via QE (and they did so after 2008, more info below). States cannot. BIG difference.
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National debt blame? Sorry, the idiotic deregulation that crashed the economy was done by the administration before Obama. We also know who started the never ending wars. So nice try.
A lot to unpack, there, so let's start with crashing the economy... The problem was the $2.4 trillion "Affordable Lending" program implemented by the Bill Clinton Admin's HUD Secretary, Cuomo, that required Fannie and Freddie to buy high-risk mortgage loans made to those with no/low-credit ratings and/or insufficient income to qualify for the loan under regular standards.
The result? Mortgage meltdown, requiring the Federal Reserve to create $2 trillion in QE out of thin air to buy Fannie and Freddie MBS after the 2008 mortgage meltdown. $1.45 trillion worth is still on the Federal Reserve's H.4.1.
Those F&F MBS will just roll off the Federal Reserve's H.4.1 as they mature, paid or not. We'll never know because the Federal Reserve doesn't have to recognize or state losses. They just reduce/erase the line item on their H.4.1.
And that all happens WHY? Because that $2 trillion artificially created by the Federal Reserve to buy F&F MBS was created with just key strokes and can be erased/deleted just the same without anyone losing any money. The only negative result is that the QE used to buy the F&F MBS that contain mortgages that default and are never paid off can never be reined back in, so it devalues the US Dollar by that amount.
Oh, and just for grins... Tens of thousands of mortgage borrowers, if not more, will get their homes for free as this all continues to play out and their mortgage debt just rolls off the Federal Reserve's H.4.1, unpaid...
Now... as to the wars... Bill Clinton signed the Iraq Liberation Act in 1998. You can't depose a regime and liberate a country without invading it. Bill Clinton NEVER should have signed that Act into law. And Obama got the US involved in Afghanistan and Syria. Few will admit it, but Obama was a warmonger. Obama set the record of being the ONLY US President in history to be at war the entire 8 years of his two terms in office.
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Lastly, as I mentioned, the economy is supposed to be "good" now. So, at least the debt growth should have been stopped, instead the tax "cut" alone is adding more than a trillion each year.
Overspending is adding debt. Cut all programs that have no Constitutional mandate. You can read what those are in Article 1 Section 8, which states that the Fed Gov can levy taxes and then specifically enumerates the services the Fed Gov is authorized to administer with those taxes. All others are the purview of the states, or of the people (voluntary donations to and/or participation in charities, etc.).
LBJ stole money from Social Security to pay for the Vietnam War.
Do the partisan sound bites ever end?
Not possible to “steal money from SS”.
By law, surpluses in the SS Trust Fund MUST be invested in special issue treasury securities that pay interest and are backed by the full faith of the Federal Government.
These “ investments” create a source of funding for the Federal Government. Depending on timing, these borrowings were either on or off the balance sheet, an accounting maneuver than had no impact on availability of funds for federal spending.
So, seniors move out of high-tax blue states to retire in low-tax red states for obvious reasons (cost-saving on a fixed income), and lefties complain that those states take more federal money than they pay in taxes not realizing that's due to the high percentage of age 65+ residents.
Retirees moving to low cost states like Florida and AZ are a fact of life, I don’t see anyone complaining. The issue is other states like Alabama and Mississippi being subsidized.
Retirees moving to low cost states like Florida and AZ are a fact of life, I don’t see anyone complaining. The issue is other states like Alabama and Mississippi being subsidized.
I know seniors who've retired to both states. And, as I've posted several times, 2/3 of those on one or more means-tested public assistance programs are Dems. Dems get their votes, so why do they then complain about paying for their public assistance benefits? That's the deal... the Dems buy their votes with OPM (other people's money).
Illinois will collapse first. But NY and CA are not far behind.
States cannot bankrupt.
Illinois has a serious unfunded public pension funding obligation, going back 60+ years.
Illinois is 1/7 states with a constitution that guarantee accrued public pensions, come what may.
Only way out is to create new sources of tax revenue and increase taxes. Recreational Marijuana which becomes legal in 2020, is viewed as a major source of new revenue.
Illinois has the 8th lowest income tax rate out of the 43 states that impose an income tax. Property taxes, mostly schools, are another matter.
Illinois is 1/8 states with a constitutional flat income tax. This will likely change next year dependent on a vote of the people.
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