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Author Topic: Thread to Watch: IL officially runs out of other people's money  (Read 6508 times)

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Online SSG Snuggle Bunny

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Thread to Watch: IL officially runs out of other people's money
« on: September 06, 2011, 11:24:59 AM »
Quote
pintobean  (1000+ posts)      Tue Sep-06-11 04:18 PM
Original message
Quinn to Lay off Thousands (IL)
 http://www.nbcchicago.com/blogs/ward-room/Quinn-to-Lay-...

A decision made by Gov. Pat Quinn may leave thousands of state workers without a job by the end of the week.

The cuts are coming in the face of a budget deficit that doesn't leave enough money to pay the workers, the governor says. Quinn also plans to close a prison, juvenile detention center and homes for the mentally ill.

If no cuts are made, several agencies will run out of money by spring, Quinn says. "We can't spend money we don't have," Quinn said Tuesday.

The state's largest government employee union, AFSCME, promises to sue if the layoffs are made, much like they did over blocked pay raises

more at link

The DUmbasses like to hoisting the strawman claiming conservatives won't pay for police, fire departments etc because we don't want to raise taxes on the wealthiest 49% to 158.37% of their gross income.

It seems IL has affected every liberal regulatory and tax policy and then some and yet they're still going to lose their police and firefighters.

No word yet on whether public aid to historically democrat constituencies will be cut.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1885429

Let's see how the DUmbasses wrangle with this reality.
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Online SSG Snuggle Bunny

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #1 on: September 06, 2011, 11:29:38 AM »
Different thread, to wit:

Quote
blm (1000+ posts)     Tue Sep-06-11 02:42 PM
Original message
GOP claim: Scariest thing a citizen can hear is, "I'm from the fire dept. and here to help you."
 oops...I mean..."I'm an emergency worker and I'm here to help you."

oops...I mean..."I'm from the federal government and I'm here to help you."


Oh hell....GOP claims are full of shit, anyway, especially when GOP governors need firefighters, emergency workers and federal assistance in their own state.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1884795

For an annual budget of $3.7TN with $1.5TN of that being deficit spending and a $14TN national debt you'd think we'd have the awesomest ****ing fire/EMS departments in the world.
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Offline DumbAss Tanker

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #2 on: September 06, 2011, 11:30:36 AM »
Quote from: SGT Snuggle Bunny on September 06, 2011, 11:24:59 AM
No word yet on whether public aid to historically democrat constituencies will be cut.

That's crazy talk, young man.  Stop it right now!

 :hammer:

 :-)
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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #3 on: September 06, 2011, 11:35:27 AM »
Quote from: DumbAss Tanker on September 06, 2011, 11:30:36 AM
That's crazy talk, young man.  Stop it right now!

 :hammer:

 :-)

Yo mama!


No really, DU'er Yo_mama was the first respondent in the OP thread:


Quote
Yo_Mama (1000+ posts)      Tue Sep-06-11 04:29 PM
Response to Original message
1. Well, states can't print money...
 Edited on Tue Sep-06-11 04:31 PM by Yo_Mama
And Illinois has had budget problems for a while now.
http://illinois.statehousenewsonline.com/6646/illinois-... /

Illinois did raise income taxes, but it is not enough. Obviously the weaker national economy doesn't help the fiscally troubled states like CA, IL & NJ.

Edit - if the claim that Illinois has 140 billion in unfunded retirement obligations is true, their pain has just begun. You can't make up that type of shortfall just from tax increases, so they will both have to raise taxes, cut spending and modify their obligations to retirees to make it work.

Weather forecast says there's a 100% chance of morning and afternoon shit-storms.
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Offline jukin

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #4 on: September 06, 2011, 11:36:55 AM »
The answer, of course, is to raise taxes, increase regulations, and increase the Illinois government workforce.

Illinois Leads U.S. in Job Loss after Tax Hike: http://www.thefiscaltimes.com/Articles/2011/08/31/Illinois-Loses-Jobs-after-Tax-Hike.aspx#page1

See how well that works out for people that belieeeeeeeevvvvvveeee 1+1=POTATO.
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Offline Ballygrl

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #5 on: September 06, 2011, 11:37:42 AM »
Quote
Yo_Mama  (1000+ posts) Tue Sep-06-11 12:29 PM
Response to Original message
1. Well, states can't print money...
   
Edited on Tue Sep-06-11 12:31 PM by Yo_Mama
And Illinois has had budget problems for a while now.
http://illinois.statehousenewsonline.com/6646/illinois-... /

Illinois did raise income taxes, but it is not enough. Obviously the weaker national economy doesn't help the fiscally troubled states like CA, IL & NJ.

Edit - if the claim that Illinois has 140 billion in unfunded retirement obligations is true, their pain has just begun. You can't make up that type of shortfall just from tax increases, so they will both have to raise taxes, cut spending and modify their obligations to retirees to make it work.


You mean Illinois raised taxes and it didn't help? do ya think maybe businesses were driven out of the State?

BTW, NJ is doing pretty good.
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Offline thundley4

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #6 on: September 06, 2011, 11:38:03 AM »
This comes agter the Dims enacted the largest tax increases on income and businesses in the state's history.  :hammer:

Quote
yo-mama
Edit - if the claim that Illinois has 140 billion in unfunded retirement obligations is true, their pain has just begun. You can't make up that type of shortfall just from tax increases, so they will both have to raise taxes, cut spending and modify their obligations to retirees to make it work.

It's true and in fact, most cities in Illinois face the same problem of unfunded pension liabilities.  Public unions and the Dims are killing this state and the country.
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Offline GOBUCKS

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #7 on: September 06, 2011, 11:46:38 AM »
You can bet the cuts will never affect taxpayer-funded daycare for crack mommas.

Otherwise how could they get away from their broods to breed more little future democrats?
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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #8 on: September 06, 2011, 11:48:53 AM »
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Offline DumbAss Tanker

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #9 on: September 06, 2011, 11:49:52 AM »
Quote
Illinois did raise income taxes, but it is not enough.

Moe:  "Hey, Knuckleheads, drill more holes in the bottom of the boat to let the water out!"

Larry and Curly:  "Soitinly!"

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Offline Aristotelian

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #10 on: September 06, 2011, 11:52:57 AM »
Quote
Yo_Mama (1000+ posts)      Tue Sep-06-11 04:29 PM
Response to Original message
1. Well, states can't print money...

Such a pity too, afterall as a policy it worked so well in inter-war Germany...who cares about a dash of hyperinflation anyway?
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Offline Ballygrl

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #11 on: September 06, 2011, 11:53:16 AM »
Quote from: DumbAss Tanker on September 06, 2011, 11:49:52 AM
Moe:  "Hey, Knuckleheads, drill more holes in the bottom of the boat to let the water out!"

Larry and Curly:  "Soitinly!"

Oh! that's totally signature worthy.
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Offline FiddyBeowulf

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #12 on: September 06, 2011, 12:12:57 PM »
There was a neighborhood on the East side of Milwaukee that was creating their own "money" that the merchants there could use to trade services with each and their customers. I do not know the details but I could imagine Illinois trying to do the same thing for use in state to pay debts and other obligations.


Found a link on the neighborhood:
http://www.jsonline.com/news/milwaukee/35474954.html
« Last Edit: September 06, 2011, 12:16:41 PM by FiddyBeowulf »
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Offline Karin

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #13 on: September 06, 2011, 12:26:42 PM »
Quote
Yo_Mama (1000+ posts)      Tue Sep-06-11 01:11 PM
Response to Reply #2
6. I know
 An effective corporate income tax rate of 9.5% doesn't leave a lot of room for hikes, and that increase in the personal income tax rate is probably hurting Illinois' economy. I'm not saying that it wasn't necessary, but obviously once you get to that point your further taxation options are limited.

I talked to some people I know in the area earlier in the year, and they said property taxes were going up too.

If the median household is paying out 1K to 2K more in taxes this year, it stands to reason that you can't do the same thing again next year to bring revenue up. It also hurts the economy and tends to bring down private job creation. The state may have the money and spend it, but the money the households don't have shows up as drops in revenue for stores, car dealerships and service businesses, to name a few.

 

Quote
Yo_Mama (1000+ posts)      Tue Sep-06-11 12:56 PM
Response to Reply #3
5. You're right
 Revenues go up all by themselves when jobs are increased, but there is a limit as to how much you can increase taxes without killing jobs. The answer to Illinois' problems is to increase private jobs in relationship to public jobs - by definition, government jobs are a net drain on the economy.

 :o  Heretic!  Burn her!!!

Not too much commentary yet. 
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Offline GOBUCKS

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #14 on: September 06, 2011, 12:28:14 PM »
Quote from: FiddyBeowulf on September 06, 2011, 12:12:57 PM
There was a neighborhood on the East side of Milwaukee that was creating their own "money" that the merchants there could use to trade services with each and their customers. I do not know the details but I could imagine Illinois trying to do the same thing for use in state to pay debts and other obligations.


Found a link on the neighborhood:
http://www.jsonline.com/news/milwaukee/35474954.html
From what I've heard, scrip was pretty common during the Depression, and coal mines paid in scrip for decades.
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Offline DumbAss Tanker

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #15 on: September 06, 2011, 01:09:56 PM »
Quote from: Ballygrl on September 06, 2011, 11:53:16 AM
Oh! that's totally signature worthy.

Thanks, but from what you have in the quote in your post, it omits the key point to which I was responding, that is the DUmmie saying "They raised taxes, but not enough." [My emphasis]

 :-)
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Offline thundley4

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #16 on: September 06, 2011, 01:17:03 PM »
From another thread.

Quote
Nuclear Unicorn   (1000+ posts)           Tue Sep-06-11 01:43 PM
Original message
Rhode Island considers radical moves as pensions put state on brink
   
PROVIDENCE, R.I. — This state has barely a million residents, but it is at least $6.8 billion short when it comes to funding pension plans for retired teachers, police officers and other public employees.

State Treasurer Gina M. Raimondo (D) said that per capita, Rhode Island has the nation’s largest unfunded pension liability. But if the Ocean State’s pension problem is among the country’s most severe, so are the remedies being considered to solve it.

An ongoing pension reform effort is likely to result in reduced benefits for 51,000 public workers and retirees. Officials are pondering lowering retirement payments, replacing part of the guaranteed pensions with 401(k)-type accounts, and sharply reducing generous cost-of-living increases enjoyed by retirees. The Rhode Island legislature is expected to consider changes next month during a special session.


http://www.washingtonpost.com/business/economy/rhode-is...

Where's the money?

Surely, when the benefit offers were being crafted someone sat down and computed -- Benefit Pay-Out Amount x Avg Retirement Age x Retiree Life Expectancy = Total Commitment cost

The money was there. The promises were made.

Where's the money?
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1885957

The kicker and last post so far.

Quote
hack89 (1000+ posts)           Tue Sep-06-11 02:11 PM
Response to Original message
6. The money was never there.
   
You made an error when you assumed that any thought went into the offers - most of these benefits were paybacks for union support in elections.

The money was never there - the state and cities were warned over a decade ago that they were not contributing enough to pension funds. The politicians did nothing except kick the can down the road for someone else to fix.

Hack89 sounds like a freeper troll, however he is right .
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Offline DumbAss Tanker

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #17 on: September 06, 2011, 01:22:05 PM »
hack89 is trying to speak truth to stupid.  On DU, that usually ends up with a tombstone sooner or later.
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Offline wasp69

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #18 on: September 06, 2011, 02:33:16 PM »
This whole thing just breaks my friggin' heart.  Bummer....

 :lmao:
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Offline Ballygrl

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #19 on: September 06, 2011, 02:44:32 PM »
Quote from: DumbAss Tanker on September 06, 2011, 01:09:56 PM
Thanks, but from what you have in the quote in your post, it omits the key point to which I was responding, that is the DUmmie saying "They raised taxes, but not enough." [My emphasis]

:-)

Well darn! Let me tweak it LOL!

ETA: Fixed! :-)
« Last Edit: September 06, 2011, 02:50:44 PM by Ballygrl »
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Offline franksolich

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #20 on: September 06, 2011, 02:59:05 PM »
You know, this reminds me of Don, the grouchy old primitive, who lives in Illinois and has been an enthusiastic supporter of the Machine all his life.  

This was during the squabbles in Wisconsin.

"kind of boring here in Illinois with our Democrat-controlled [state]"

http://www.conservativecave.com/index.php/topic,55662.0

"[franksolich's] shout out to NNN0LHI"

http://www.conservativecave.com/index.php/topic,62194.0

Don, by the way can kiss franksolich's ass.
« Last Edit: September 06, 2011, 03:13:48 PM by franksolich »
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apres moi, le deluge

Milo Yiannopoulos "It has been obvious since 2016 that Trump carries an anointing of some kind. My American friends, are you so blind to reason, and deaf to Heaven? Can he do all this, and cannot get a crown? This man is your King. Coronate him, and watch every devil shriek, and every demon howl."

Offline FaC

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #21 on: September 06, 2011, 03:39:31 PM »
Back to the IL thread - Pintobean is going to get in trouble...

Quote
pintobean  (1000+ posts)      Tue Sep-06-11 02:39 PM
Response to Reply #5
7. Yo, Yo_Mama
 The dumpster dwelling cavemen are very interested in this thread. It's probably as intriguing as watching paint dry.
Say hello!

     
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Offline Ralph Wiggum

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #22 on: September 06, 2011, 03:43:29 PM »
Quote from: FaC on September 06, 2011, 03:39:31 PM
Back to the IL thread - Pintobean is going to get in trouble...


I wonder if Pinto will elaborate.  There was a response to his post:

Quote
Yo_Mama (1000+ posts)      Tue Sep-06-11 03:13 PM
Response to Reply #7
8. ??? n/t


Must not refer directly to any site that ridicules the DUmp.
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Offline franksolich

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #23 on: September 06, 2011, 03:45:03 PM »
Oh my.

The primitives are watching us watching the primitives.

« Last Edit: September 06, 2011, 03:47:24 PM by franksolich »
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apres moi, le deluge

Milo Yiannopoulos "It has been obvious since 2016 that Trump carries an anointing of some kind. My American friends, are you so blind to reason, and deaf to Heaven? Can he do all this, and cannot get a crown? This man is your King. Coronate him, and watch every devil shriek, and every demon howl."

Offline Ballygrl

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Re: Thread to Watch: IL officially runs out of other people's money
« Reply #24 on: September 06, 2011, 03:56:27 PM »
Quote
The dumpster dwelling cavemen

I beg your pardon! we're not all men here TYVM!

And no, I won't show my boobs LOL.
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