Dems send Illinois spiraling toward bankruptcy

doogie

Is anyone surprised?

https://www.bloomberg.com/news/articles/2017-06-01/illinois-bonds-cut-to-one-step-above-junk-by-s-p-over-stalemate

CirrhosisDawg

doogie said:

Is anyone surprised?

https://www.bloomberg.com/news/articles/2017-06-01/illinois-bonds-cut-to-one-step-above-junk-by-s-p-over-stalemate

States can't file for bankruptcy. The article you posted says so. Bond ratings are an opinion of an issuer's ability and willingness to repay debt. Everyone knows that, even strip mall mutual fund salesmen.

2001400ex

doogie said:

Is anyone surprised?

https://www.bloomberg.com/news/articles/2017-06-01/illinois-bonds-cut-to-one-step-above-junk-by-s-p-over-stalemate

Go see Kansas.

RaceBannon

2001400ex said:

doogie said:

Is anyone surprised?

https://www.bloomberg.com/news/articles/2017-06-01/illinois-bonds-cut-to-one-step-above-junk-by-s-p-over-stalemate

Go see Kansas.

Shitty band

HFNY

California is running a $1.6 billion deficit when the stock market is at record highs and unemployment is at its lowest in 16 years. They can't balance their books now, how will those massive, 6 figure pension obligations get paid when we enter a recession again?

Big Government only works until it runs out of other peoples' money.

TierbsHsotBoobs

HFNY said:

California is running a $1.6 billion deficit when the stock market is at record highs and unemployment is at its lowest in 16 years. They can't balance their books now, how will those massive, 6 figure pension obligations get paid when we enter a recession again?

Big Government only works until it runs out of other peoples' money.

A $1.6 billion deficit on a total budget of $183.2 billion is not significant.

You suck at this.

2001400ex

HFNY said:

California is running a $1.6 billion deficit when the stock market is at record highs and unemployment is at its lowest in 16 years. They can't balance their books now, how will those massive, 6 figure pension obligations get paid when we enter a recession again?

Big Government only works until it runs out of other peoples' money.

And those liberals balanced the budget after Republicans fucked it up. What's your point?

2001400ex

RaceBannon said:

2001400ex said:

doogie said:

Is anyone surprised?

https://www.bloomberg.com/news/articles/2017-06-01/illinois-bonds-cut-to-one-step-above-junk-by-s-p-over-stalemate

Go see Kansas.

Shitty band

Carry on my wayward son.

CirrhosisDawg

HFNY said:

California is running a $1.6 billion deficit when the stock market is at record highs and unemployment is at its lowest in 16 years. They can't balance their books now, how will those massive, 6 figure pension obligations get paid when we enter a recession again?

Big Government only works until it runs out of other peoples' money.

Somewhere in a Lynwood strip mall, there's a mutual fund salesman just waiting for your business.

HFNY

Let's revisit this next year, baby-boomer government workers continue to retire...not only does California have to start paying out rich pensions, they have to hire new workers and start contributing to their pensions.





It doesn't matter if you're a Democrat, Republic, Libertarian, or a Socialist Bernie Bot...it's a big problem facing some states and with the Federal Government $20 trillion in debt, there's no money to bail them out.

CirrhosisDawg

HFNY said:

Let's revisit this next year, baby-boomer government workers continue to retire...not only does California have to start paying out rich pensions, they have to hire new workers and start contributing to their pensions.





It doesn't matter if you're a Democrat, Republic, Libertarian, or a Socialist Bernie Bot...it's a big problem facing some states and with the Federal Government $20 trillion in debt, there's no money to bail them out.

Unfunded pension obligations and the catch-up payments and investment returns required to get to a 90% or so funded level (90% being optimal as 100% or over will inevitably lead to further extortion payments to unions that caused this issue in the first place) are a problem and crowd out money for essential services. Cal pers is probably at about 76% right now. The problem, however is grotesquely exaggerated by cal haters for political reasons. If you don't like California you are free to stay the hell away. Life is great here and services are fine but it's expensive. Indeed, let's revisit this issue next year and every year going forward. I guarantee you the State of California, the sixth largest economy in the world, will continue to lead the nation and the world in growth, innovation, and prosperity. Pensions will continue to remain manageable as well. Our jealous and far less successful detractors will still hate us regardless.

TierbsHsotBoobs

HFNY said:

Let's revisit this next year, baby-boomer government workers continue to retire...not only does California have to start paying out rich pensions, they have to hire new workers and start contributing to their pensions.





It doesn't matter if you're a Democrat, Republic, Libertarian, or a Socialist Bernie Bot...it's a big problem facing some states and with the Federal Government $20 trillion in debt, there's no money to bail them out.

I love the way you move goalposts.

WilburHooksHands

CirrhosisDawg said:

HFNY said:

Let's revisit this next year, baby-boomer government workers continue to retire...not only does California have to start paying out rich pensions, they have to hire new workers and start contributing to their pensions.





It doesn't matter if you're a Democrat, Republic, Libertarian, or a Socialist Bernie Bot...it's a big problem facing some states and with the Federal Government $20 trillion in debt, there's no money to bail them out.

Unfunded pension obligations and the catch-up payments and investment returns required to get to a 90% or so funded level (90% being optimal as 100% or over will inevitably lead to further extortion payments to unions that caused this issue in the first place) are a problem and crowd out money for essential services. Cal pers is probably at about 76% right now. The problem, however is grotesquely exaggerated by cal haters for political reasons. If you don't like California you are free to stay the hell away. Life is great here and services are fine but it's expensive. Indeed, let's revisit this issue next year and every year going forward. I guarantee you the State of California, the sixth largest economy in the world, will continue to lead the nation and the world in growth, innovation, and prosperity. Pensions will continue to remain manageable as well. Our jealous and far less successful detractors will still hate us regardless.

hatters gonna hat

2001400ex

HFNY said:

Let's revisit this next year, baby-boomer government workers continue to retire...not only does California have to start paying out rich pensions, they have to hire new workers and start contributing to their pensions.





It doesn't matter if you're a Democrat, Republic, Libertarian, or a Socialist Bernie Bot...it's a big problem facing some states and with the Federal Government $20 trillion in debt, there's no money to bail them out.

I still fail to see your point that liberal run California has a shitty government or economy or whatever point you are trying to make. Next you'll say that liberals in Seattle are stifling growth and the $15 an for minimum wage killed the economy

CirrhosisDawg

The most likely 2017 US default scenario? It's not Illinois, New Jersey or Kansas (our basket case states). It's the US government unless trumpanzees can pass an increase in the federal debt limit in the next month or so.

Mosster47

I'm in Mt. Vernon, Illinois right now, and I agree that this state is broke.

HoustonHusky

2001400ex said:

doogie said:

Is anyone surprised?

https://www.bloomberg.com/news/articles/2017-06-01/illinois-bonds-cut-to-one-step-above-junk-by-s-p-over-stalemate

Go see Kansas.

And see that their credit rating is WAY better than Illinois?

HondoFS...

WilburHooksHands

We're fine here in Cali, thanks.