Structural deficits: Illinois vs. New Jersey vs. California

[yllus]

I'm not sure where the source data for this is from, but it comes from a fairly reliable source. Had no idea that Illinois was in such a rough spot.

Illinois: In a league of its own

 

[Drako]

Just goes to show that unionization of public employees is a good way to bankrupt a state. It's a sad state of affairs when you can't afford to pay an actual working employee, because you have to pay a 50 year old retiree.

 

[Narmer]

Just goes to show that unionization of public employees is a good way to bankrupt a state. It's a sad state of affairs when you can't afford to pay an actual working employee, because you have to pay a 50 year old retiree.

But that's nothing new. It's been like this for decades. What's new is the financial products these states have been sold. Also. the politicians, much like many CEOs, thought they could enjoy today and have someone else worry about the long-term problems.

 

[Cerb]

Just goes to show that unionization of public employees is a good way to bankrupt a state. It's a sad state of affairs when you can't afford to pay an actual working employee, because you have to pay a 50 year old retiree.

More like it goes to show that allowing ponzi schemes to be legal is a good way to bankrupt a state.

 

[Hacp]

But that's nothing new. It's been like this for decades. What's new is the financial products these states have been sold. Also. the politicians, much like many CEOs, thought they could enjoy today and have someone else worry about the long-term problems.

But now they are starting to pay out. That's the difference.

 

[dmcowen674]

I'm not sure where the source data for this is from, but it comes from a fairly reliable source.

Had no idea that Illinois was in such a rough spot.

Illinois: In a league of its own

Of course it is because I came here.

 

[Narmer]

But now they are starting to pay out. That's the difference.

Pay out for whom, the financial companies?

 

[BurnItDwn]

After thousands of dollars and hundreds of hours spent on my theater room ... complete with popcorn popper, 106 inch screen, and multi tiered seating ... I am really wishing I lived just north of the border, on the WI side...

 

[Zargon]

After thousands of dollars and hundreds of hours spent on my theater room ... complete with popcorn popper, 106 inch screen, and multi tiered seating ... I am really wishing I lived just north of the border, on the WI side...

with the income taxes you'd be paying you wouldnt have been able to afford the theater anyways

 

[Attic]

After thousands of dollars and hundreds of hours spent on my theater room ... complete with popcorn popper, 106 inch screen, and multi tiered seating ... I am really wishing I lived just north of the border, on the WI side...

Nice, pics?

And what system are you using to catalog and run movies?

 

[bfdd]

Holy crap.... Oh well they'll keep digging that hole because they have no clue what the fuck they're doing.

 

[Doomguy]

Umm -- perhaps the pensions aren't the problem; maybe the problem just might be that politicians underfunded the pension system all these years?

This is analogous to me blaming GE for my breaks failing when I neglected to follow a maintenance and replacement schedule.

There's nothing inherently wrong with defined benefit pension plans -- the blame should be placed on the government officials that siphoned away money from government funds and neglected making scheduled payments.

 

[K1052]

Umm -- perhaps the pensions aren't the problem; maybe the problem just might be that politicians underfunded the pension system all these years?

This is analogous to me blaming GE for my breaks failing when I neglected to follow a maintenance and replacement schedule.

There's nothing inherently wrong with defined benefit pension plans -- the blame should be placed on the government officials that siphoned away money from government funds and neglected making scheduled payments.

There is a lot of waste in IL pensions due to low retirement ages, double dipping, various schemes to run up income before retirement, etc... Some of the the stuff i've seen is insane and should have been criminal.

 

[Zebo]

Umm -- perhaps the pensions aren't the problem; maybe the problem just might be that politicians underfunded the pension system all these years?

This is analogous to me blaming GE for my breaks failing when I neglected to follow a maintenance and replacement schedule.

There's nothing inherently wrong with defined benefit pension plans -- the blame should be placed on the government officials that siphoned away money from government funds and neglected making scheduled payments.

Federal, State and local pension crisis has many fathers. Politicans & economists who provided wild, as far as eye can see, 10% return statistics so they could underfund them. But labor bears responsibility too Like cops getting 40 hours a week OT their whole last year since pay is based on last year and young guys give up OT to them knowing the "deal" ? Like unions blackmailing politicians with "soft on crime", "hates teachers", etc if they don't bow down to demands? Manning phone banks and large donations to sympathetic politicians. And so on.

Either way they can't be paid. The Feds will either gin up the money and give it out to continue spending causing hyperinflation which amounts to same thing as not get paid, might as well burn the cash to keep warm. Or Tax payer/gov't elected will revolt and sudden stop deficit spending to pay things like pensions and social welfare. Finally Bond holder revolt. Can't spend what you can't borrow.

 

[Hacp]

Umm -- perhaps the pensions aren't the problem; maybe the problem just might be that politicians underfunded the pension system all these years?

This is analogous to me blaming GE for my breaks failing when I neglected to follow a maintenance and replacement schedule.

There's nothing inherently wrong with defined benefit pension plans -- the blame should be placed on the government officials that siphoned away money from government funds and neglected making scheduled payments.

NY has over 1000 people making at least 100K in pensions per year. Some are as young as 40. Some make as much as 250K a year from a PENSION. They're doing nothing. At age 40. Making 250k a year. On your dime. Government waste FTW.

 

[piasabird]

I live in Illinois.

Must be the crooks in Chicago that stole the money.

I work in the education field and I see a lot of people that retire, to get control of their retirement money, and then come back to work. They want to have their cake and eat it too. If people retire they should not be allowed to came back and work for the same company.

One problem is a lot of people in the state live around Chicago and in some places it costs around $400.000 to purchase a home. Cost of living is high and they are forced to pay people more. The cost of living is so high in certain areas around large cities that they become unmanageable. Maybe they need a better train system in the outlaying areas around Chicago.

 

[nick1985]

Of course it is because I came here.

Sure its not the fault of the Republicans?

 

[chucky2]

I live in Illinois.

Must be the crooks in Chicago that stole the money.

I work in the education field and I see a lot of people that retire, to get control of their retirement money, and then come back to work. They want to have their cake and eat it too. If people retire they should not be allowed to came back and work for the same company.

One problem is a lot of people in the state live around Chicago and in some places it costs around $400.000 to purchase a home. Cost of living is high and they are forced to pay people more. The cost of living is so high in certain areas around large cities that they become unmanageable. Maybe they need a better train system in the outlaying areas around Chicago.

1.) Lock down borders (nothing the states can do there, Fed just isn't willing).

2.) Highly incentivize not having kids, or only having 1 kid.

Chuck

 

[BurnItDwn]

Nice, pics?

And what system are you using to catalog and run movies?

I pretty much set it all up on a shoestring budget, and I haven't put the trim up yet, but I do have 2 rows set up with the back portion of the room on a riser. Only camera I have is on my cell phone, and takes horrible pictures, I do have some in progress pics on a thread in home theater, and some on bbzzdd.com ... but they are bad.

My dvds and blurays are all on shelves along the wall (bookcases + wall shelves), in alphabetical order.

I just use a Panasonic BD65 to play dvds, blurays, and to stream netflix ... don't have anything else down there right now... (limited budget)
Eventually I will stick an HTPC down there, but I need to get a new reciever first since the one I have doesn't have HDMI switching, and it's a hassle to use an HDMI switcher...

Anyhow, I'm at work now, but I can take a few new pictures after I get home this evening...