SIGforum
The Chicago Fed Unveils Its "Solution" To The Pension Problem
May 13, 2018, 02:49 PM
WaterburyBobThe Chicago Fed Unveils Its "Solution" To The Pension Problem
And the Dims think a "Blue Wave" is coming in November?
More likely it will be a "Red Tsunami" ...
"If Gun Control worked, Chicago would look like Mayberry, not Thunderdome" - Cam Edwards
May 13, 2018, 03:28 PM
cruiser68I just shake my head at this thought process. Timer is ticking for me. The only question is whether or not I will get out before the reckoning.
May 13, 2018, 03:43 PM
Ken226You gotta love the unintended consequences of the good idea fairy. The road to hell is paved with good intentions.
What happens when home owners walk away from their mortgages en-masse so they can buy later, cheaper?
This happened all over the US recently. It's sad that something so forseeable isn't forseen.
May 13, 2018, 03:52 PM
JALLENYou ignorant conservatives will never get this right. It is “revenue enhancement.” Never use the “T” word in public. It scares everyone, causes worries.
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown May 13, 2018, 04:15 PM
Scoutmasterquote:
Originally posted by JALLEN:
You ignorant conservatives will never get this right. It is “revenue enhancement.” Never use the “T” word in public. It scares everyone, causes worries.
Many years ago I took a grad class in "political economics", ie, you don't get one without the other. The prof had a dual Ph.D from Northwestern in Econ and Finance. One of our case studies noted the gov'ts "marginal propensity to spend", for every additional $ they raise taxes, they increase spending by $1.xx, meaning tax increases almost always result in higher deficits, not closing the gap.
Such a tax increase will only accelerate their demise.
"Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it"
- Judge Learned Hand, May 1944 May 13, 2018, 04:32 PM
Sig2340I have a solution that doesn't require new revenue enhancements.
Default.
Now.
The sooner, the better.
Just this fast, <
snaps fingers > problem solved.
Sure, it's hard on all those people relying on those pensions for their dotage, but it's gonna happen sooner or later so why dilly dally?
Nice is overrated
"It's every freedom-loving individual's duty to lie to the government."
Airsoftguy, June 29, 2018
May 13, 2018, 05:01 PM
EdmondThey should explain it like car salesman do: an extra $2,500 a year on a $250,000 sounds like a lot but it's only $208.33 more each month...
That place has gone to hell and they're trying to lower it even further. I mean, why not just go full Venezuelan there?
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May 13, 2018, 05:55 PM
kimber1911quote:
Originally posted by Sig2340:
I have a solution that doesn't require new revenue enhancements.
Default.
Now.
The sooner, the better.
Just this fast, < snaps fingers > problem solved.
Sure, it's hard on all those people relying on those pensions for their dotage, but it's gonna happen sooner or later so why dilly dally?
Yes, without drastic action promises will continue to be made on the backs of other taxpayers.
Are there even any private companies offering pensions anymore?
Payment for services rendered at the time of service.
“We’re in a situation where we have put together, and you guys did it for our administration…President Obama’s administration before this. We have put together, I think, the most extensive and inclusive voter fraud organization in the history of American politics,”
Pres. Select, Joe Biden
“Let’s go, Brandon” Kelli Stavast, 2 Oct. 2021 May 13, 2018, 06:50 PM
craigcpaPlease tell me what the Fed Reserve has anything to do with a State pension?
The answer is NOTHING!
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Just my 2¢
____________________________
Clowns to the left of me, Jokers to the right ♫♫♫
May 13, 2018, 07:53 PM
grumpy1quote:
Originally posted by Sig2340:
I have a solution that doesn't require new revenue enhancements.
Default.
Now.
The sooner, the better.
Just this fast, < snaps fingers > problem solved.
Sure, it's hard on all those people relying on those pensions for their dotage, but it's gonna happen sooner or later so why dilly dally?
As a resident of Illinois I agree with this. The state pension system needs some drastic reform and I really feel sorry for those involved with the pension system but it is no secret for many years now that the promises made by the democrats, who looted the pension system and left IOUs behind, for votes were a pipe dream with the money never provided to fund the pension system. Illinois will not reform the pension system unless there is no other alternative.
May 13, 2018, 08:47 PM
chellim1quote:
Originally posted by craigcpa:
Please tell me what the Fed Reserve has anything to do with a State pension?
The answer is NOTHING!
Well, it should be NOTHING!
But what do you think will happen when Illinois defaults? Do you think they won't go crying to the Feds?
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
-- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth."
-rduckwor May 13, 2018, 08:51 PM
Scoutmasterquote:
Originally posted by chellim1:
quote:
Originally posted by craigcpa:
Please tell me what the Fed Reserve has anything to do with a State pension?
The answer is NOTHING!
Well, it should be NOTHING!
But what do you think will happen when Illinois defaults? Do you think they won't go crying to the Feds?
And if you have rules and regulations on one side, and friends/cohorts/cronies on the other side, which side will win in politics?
"Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it"
- Judge Learned Hand, May 1944 May 13, 2018, 09:05 PM
mark_aquote:
Originally posted by craigcpa:
Please tell me what the Fed Reserve has anything to do with a State pension?
The answer is NOTHING!
This is what I was wondering myself. Did the state ask the fed for planning help?
May 13, 2018, 09:13 PM
radiomanquote:
“New taxes wouldn’t affect people thinking of moving to Illinois. While they would have to pay higher property taxes, that would be offset by not having to pay as much for their new homes. In addition, current homeowners would not be able to avoid the new tax by selling their homes and moving because home prices should reflect the new tax burden quickly.”
Amazing the arrogance of these people.
I'm not real good at math, but if the property values go down because of the higher tax, wouldn't you pay less tax than they hope for, since the assessed value would be down as they just described?
.
May 13, 2018, 09:34 PM
Scoutmasterquote:
Originally posted by radioman:
quote:
“New taxes wouldn’t affect people thinking of moving to Illinois. While they would have to pay higher property taxes, that would be offset by not having to pay as much for their new homes. In addition, current homeowners would not be able to avoid the new tax by selling their homes and moving because home prices should reflect the new tax burden quickly.”
Amazing the arrogance of these people.
I'm not real good at math, but if the property values go down because of the higher tax, wouldn't you pay less tax than they hope for, since the assessed value would be down as they just described?
Ie, we will screw the taxpayers in a way they can't avoid.
Sidenote. CA's Prop 13 to regulate property tax increases (enacted 1978) was prompted by too many counties setting lavish self serving budgets; and then raising property taxes to pay for their extravagance.
"Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it"
- Judge Learned Hand, May 1944 May 13, 2018, 10:29 PM
Jimbo JonesPlus no state income tax...
quote:
Originally posted by snoris:
Here in Texas, as the chart shows, we’re only half a percent lower—-but Texas is booming and Felonois is circling the bowl.
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It's like my brain's a tree and you're those little cookie elves.
May 14, 2018, 12:00 AM
SigmanicHow do the pensioners feel about this?
May 14, 2018, 01:08 AM
Il Cattivo
Is the Federal Reserve supposed to be in the buisness of insuring state pension funds or something? Are the banks that the Fed lends to on the hook somehow?
Honestly, if Illinois defaults on its pensions and comes crying for a bailout, what would it cost the Trump Administration to say "no"? We already know what it would cost to say "yes" - the Federales would have to bail out California, the NY metropolitan transit authority and who knows who. But what would it cost to say "no"?
May 14, 2018, 01:59 AM
arfmelIt seems to me this "solution" to government funding issues isn't really limited to Illinois. Our local government thinks they're able to raise property taxes every year, too. Either they increase the rate, or arbitrarily raise assessments. Got to keep their employees driving new crew cab pickups and leaning on new shovels. And we need shiny new buses for the high school football team to go to games in. When they aren't playing home games at the new stadium. Priorities and stuff.
May 14, 2018, 08:27 AM
chellim1quote:
It seems to me this "solution" to government funding issues isn't really limited to Illinois. Our local government thinks they're able to raise property taxes every year, too. Either they increase the rate, or arbitrarily raise assessments.
Same here... but perhaps not as much as Illinois, particularly Chicagoland.
But Illinois is just the canary in the coal mine. Governments across the board want more of your income, and provide less in return. They have over-promised and under-delivered. Greedy government.
As the U.S. bails out Venezuela's refugees, why isn't it condemning the horrors of socialism?
https://www.americanthinker.co...rs_of_socialism.html
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
-- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth."
-rduckwor