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Right, and my point is that the Government will help those and other pensions and/or adjust the pensions and/or provide benefits (health, etc.) to make up some of the difference.
As it should be at this point.
Interesting how you first rebut my point saying it isn't true - then when I show you the government agency that does it, you say "we aren't talking about that"?
Try to stay on topic. We are discussing how pensions and benefits are going to get paid for.
Ah, the Tea Party that went 100% silent and cried for more tax breaks out of debt and deficit and who back Trump despite his King of Debt moniker?
That's just my point. Let's not play pretend. Conservatives were bought off cheaply...so cheaply that it basically was impossible that the issue was real (it was purely political grandstanding...)
...
The Tea Party, Conservatives are not in control of the Illinois government. This has nothing to do with Trump.
No tax revenue is used for that and they don't pay full amount.
Quote:
PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, and for the Single-Employer Program, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.
Right, and my point is that the Government will help those and other pensions and/or adjust the pensions and/or provide benefits (health, etc.) to make up some of the difference.
As it should be at this point.
Interesting how you first rebut my point saying it isn't true - then when I show you the government agency that does it, you say "we aren't talking about that"?
Try to stay on topic. We are discussing how pensions and benefits are going to get paid for.
Why should I fund liberal lunacy? It’s a state problem and not the Feds problem.
I think Illinois is th e most at risk of the states when it comes to state pensions. You could end up in a death spiral of people and businesses leaving to escape increasing taxes to pay the pensions...gonna be very very ugly when the sh*t hits the fan. Many other states will also run into similar problems.
There will be a death spiral at some point, the only questions are long can it be delayed and how bad will it get. Everyone who’s lived in the state has their own stories illustrating how the public sector has run amuck, but here are a couple of mine:
First example is a relative who makes 75k each year weighing trucks for the state. The same job in the private sector could probably be filled with a 25k salary without any appreciable difference in outcome. Did I mention that he’s got a Cadillac healthcare plan and a state pension?
Second example is the teachers at the high school I graduated from. It’s common for teachers to make over 100k regardless of their quality. 3/4s of the PE teachers made 6 figures for teaching 5 classes that ended up being less than 30 minutes each after accounting for 7 min changing times before/after. Did I mention these PE teachers only worked 180 days per year and get 3 prep periods (~2.5 hours) each day they do work? One of them even played World of Warcraft during this time and didn’t even hide it.
The wide discrepancy between what tax payers are forced to pay and what these jobs are worth in the free market will eventually ruin the state.
The problem is the politicians that made the "promise" didn't have to face the problems they created. They're all dead or retired now.The issue is who will pay for these promises? I do not feel that there should be a federal taxpayer bailout; it is on Illinois taxpayers period. They voted for it; they pay it.
States cannot bankrupt. A state can cut costs and/ or raise tax revenues. No need for a bailout.
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