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Illinois is the first state up asking to be bailed out while their voters act like irresponsible children.
Anyone with a clue has know for decades that elected politicians and elected union leaders were promising BS math in the pensions. Illinois voters still won't vote like proper adults.
Let their pension collapse.
Then you have the Chicago teachers, police and firefighters where their city government never invested enough to pay the benefits promised. Same way in California for state employees. And they were all promised the pie in the sky--without sufficient $ being paid out.
Then you have the Chicago teachers, police and firefighters where their city government never invested enough to pay the benefits promised. Same way in California for state employees. And they were all promised the pie in the sky--without sufficient $ being paid out.
Of course not - vote for me as your politician - vote for me as your union leader - pay not very much in, retire early, get a nice income for life! Tax payers, we don't need to raise the taxes for this, it will work itself out! Just vote for me!
Many people still buy into this, which is why it is imperative the system must collapse so people learn a lesson in sustainability - before it is too late at the national level, which it might be.
Amending the constitution does not change the terms of a contract entered into prior to the amendment. Public pensions are legal contracts between participants and local and state governments and school districts.
If there was an easy way out, it would have been pursued.
Actually you left out a big part. Contracts have expiration dates. New contracts begin. They start with a clean slate, not obligated to copy provisions from the expired contract at all.
I'm not sure there are 60 votes for state level bankruptcies either.
California is planning to tell state employees they must take 26 unpaid days by 12-31-2020.
I see an internal union war, of active vs retired employees coming, as the states will not be able to hike taxes w/o losing population, so the choice will be between which set of employees to take the cut.
Analogous to how Tier 1 union emps give the shaft to Tier II.
I hope people are starting to realize there is no way out of this conundrum. Ultimately, it's the people at the bottom of the ladder that will take the haircut. Cops, firefighters, municipal workers, state employees--virtually the entire public sector will be out in the cold when their pensions are gutted. Whether riots ensue depends on the integrity of the groups. If the police walk off the force we are all up the creek. Imagine trying to defend 350 million people without police. We'll need guns to defend ourselves from marauding bands of criminals. Whether the national guard and military can protect us is up for grabs. I think the Posse Comitatus Act of 1878 will have to be repealed to allow the military to intervene in municipalities to keep order. However you cut the pie it is only a matter of time before our society crumbles.
And now they're broadcasting the reoccurrence of Corona combined with the flu next winter will make what we're going though now seem like a Sunday school picnic.
^ The PBGC applies only to price employer pensions, not public pensions.
Employers are held to generous funding standards and pay insurance premiums to cover claims.
The PBGC has the authority to reduce benefits for participants in insolvent funds. Nonetheless, PBGC projects they will be out of funds by 2022-25. This projection was before the Corona hit.
This is going to get ugly.
thank you....where do these people come up with this stuff, do they just make it up?
^ The PBGC applies only to price employer pensions, not public pensions.
Employers are held to generous funding standards and pay insurance premiums to cover claims.
The PBGC has the authority to reduce benefits for participants in insolvent funds. Nonetheless, PBGC projects they will be out of funds by 2022-25. This projection was before the Corona hit.
This is going to get ugly.
thank you....where do these people come up with this stuff, do they just make it up?
all these doomers.....lol.....millions of us will continue to enjoy our generous public pensions. Troubled?...I suggest you move to a more responsible state.
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We'll need guns to defend ourselves from marauding bands of criminals. Whether the national guard and military can protect us is up for grabs. I think the Posse Comitatus Act of 1878 will have to be repealed to allow the military to intervene in municipalities to keep order. However you cut the pie it is only a matter of time before our society crumbles. 
