Illinois demonstrating how you can tax and spend your way to private sector middle class prosperity. Democrats are clearly the more fiscally responsible alternative.
Illinois Pension Shortfall Surpasses $500 Billion, Average Debt Burden Now $110,000 Per Household
BY TYLER DURDEN SUNDAY, NOV 21, 2021 - 01:35 PM By Ted Dabrowski and John Klingner of Wirepoints (click here for a pdf of the report)
Illinois just reached an alarming milestone: each Illinois household is now on the hook for, on average, $110,000 in government-worker retirement debts. That figure is the result of dividing Illinois’ $530 billion in state and local retirement shortfalls among the state’s 4.9 million households. In 2019, the burden was $90,000 per household.
Illinois’ retirement debts increased to $530 billion in 2020, according to a Wirepoints analysis of Moody’s Investors Service debt estimates. This is the first year the credit rating agency’s estimates of Illinois’ retirement debts, made up of both pension and retiree health shortfalls at the state and local level, have broken $500 billion.
The jump in Illinois’ shortfall, up nearly $100 billion compared to 2019, was due largely to the drop in interest rates as a result of the COVID crisis. Illinois’ shortfall is expected to remain elevated in 2021 despite the market recovery. (See Appendix B.)
The growth in Illinois’ retirement debts to half-a-trillion dollars is yet another grim reminder of how lawmakers’ refusal to address the pension crisis does real harm to ordinary residents. These outsized debts have contributed directly to Illinois’ other crises, including the state’s worst-in-the-nation credit rating, the 2nd-highest property taxes and the nation’s 5th-worst decline in real home values.
The pension crisis has also contributed indirectly to a record rate of outmigration and the nation’s 2nd-largest population losses since 2010.
In addition, the growing debts point to just how much the retirement security of more than a million Illinois government workers and retirees has collapsed.
Local Amish loot Nordstrom's in Walnut Creek. California sometimes catch and always release program working as intended. I'm sure Nordstrom's has insurance so it don't cost nothing.
About 80 looters in ski masks ransacked a Nordstrom location outside of San Francisco, in a scene described by witnesses as "insane" and like something "out of a movie."
"We probably saw 50 to 80 people in ski masks crowbars a bunch of weapons. They were looting the Nordstrom's right here. And I thought they were going to start beating cars. I had to start locking doors lock the front door lock the back door," local PF Chang's manager Brett Barrette told KGO.
"There was a mob of people," Barrette added to CBS SF. "The police were flying in. It was like a scene out of a movie. It was insane."
The incident unfolded before 9 p.m. on Saturday evening in Walnut Creek, which is about 25 miles outside San Francisco. A local reporter tweeted footage of the scene and said about 25 cars pulled up outside of the Nordstrom before running in, grabbing merchandise and fleeing.
Dozens of police cars responded, and Walnut Creek Lt. Ryan Hibbs told KPIX 5 there were reports that the looters smashed shelves during the incident. They quickly got back into their cars while carrying bags and boxes.
It’s unclear how much merchandise was stolen, NBC News reported. Walnut Creek Police Department said that one employee was pepper sprayed and two others were kicked and punched. They were treated and released on the scene.
They were just trying to provide food for their children.
SF Union Square Louis Vitton was looted of damn near everything the other night. Of course the Mayor and the DA who are responsible for creating and protecting this criminal behavior came out for the cameras to tell us all how OUTRAGED they were about this.
Local Amish loot Nordstrom's in Walnut Creek. California sometimes catch and always release program working as intended. I'm sure Nordstrom's has insurance so it don't cost nothing.
About 80 looters in ski masks ransacked a Nordstrom location outside of San Francisco, in a scene described by witnesses as "insane" and like something "out of a movie."
"We probably saw 50 to 80 people in ski masks crowbars a bunch of weapons. They were looting the Nordstrom's right here. And I thought they were going to start beating cars. I had to start locking doors lock the front door lock the back door," local PF Chang's manager Brett Barrette told KGO.
"There was a mob of people," Barrette added to CBS SF. "The police were flying in. It was like a scene out of a movie. It was insane."
The incident unfolded before 9 p.m. on Saturday evening in Walnut Creek, which is about 25 miles outside San Francisco. A local reporter tweeted footage of the scene and said about 25 cars pulled up outside of the Nordstrom before running in, grabbing merchandise and fleeing.
Dozens of police cars responded, and Walnut Creek Lt. Ryan Hibbs told KPIX 5 there were reports that the looters smashed shelves during the incident. They quickly got back into their cars while carrying bags and boxes.
It’s unclear how much merchandise was stolen, NBC News reported. Walnut Creek Police Department said that one employee was pepper sprayed and two others were kicked and punched. They were treated and released on the scene.
Rewarding good behavior. Thankfully we have lots of printed money to hand out. The new BBB bill had the dems taking out language blocking tax dollars going to companies that use slave labor. Christians bad, Muslim and ChiCom slavery good.
INMATES IN CHARGE AT STATE: Nigeria, which is being torn apart by Islamic radicals who ruthlessly and brutally murder Christian pastors and congregants on a daily basis, is no longer on the State Department’s list of “Countries of Particular Concern,” reports Alliance Defending Freedom International (ADFI).
“Christians living in Nigeria face some of the worst acts of persecution. Millions of people have fled devastating violence and have become internally displaced. As a result of the violence, 13,000 churches have been closed or destroyed altogether,” according to ADFI.
“Many victims have been kidnapped, raped, forcibly converted or married, or sold into slavery. Reports show that at least 17 Christians were killed every day in the first half of 2021 alone.”
Among other things, removing Nigeria from that list cleared the way for Secretary of State Anthony Blinken to hand $2.1 billion in new aid to the Nigerian regime that allows, and in many respects, assists the insurgents in their bloody attacks. It’s not like Blinken doesn’t know these facts because he was told in a private meeting by a pastor, according to The Epoch Times.
More frightening than a CNN personality spreading propaganda I'm hearing.
White people are such a threat that the media has to turn a clear self-defense case where a white guy shoots 3 other white guys into a racial issue and an example of white supremacy.
More frightening than a CNN personality spreading propaganda I'm hearing.
White people are such a threat that the media has to turn a clear self-defense case where a white guy shoots 3 other white guys into a racial issue and an example of white supremacy.
Just a continuance of the Charlottesville Fine People Hoax people like H and Kobe still argue was true.
There's a point where all I have left is pity for such fools.
More frightening than a CNN personality spreading propaganda I'm hearing.
White people are such a threat that the media has to turn a clear self-defense case where a white guy shoots 3 other white guys into a racial issue and an example of white supremacy.
Just a continuance of the Charlottesville Fine People Hoax people like H and Kobe still argue was true.
There's a point where all I have left is pity for such fools.
Comments
https://www.zerohedge.com/markets/illinois-pension-shortfall-surpasses-500-billion-average-debt-burden-now-110000-household
Illinois Pension Shortfall Surpasses $500 Billion, Average Debt Burden Now $110,000 Per Household
BY TYLER DURDEN
SUNDAY, NOV 21, 2021 - 01:35 PM
By Ted Dabrowski and John Klingner of Wirepoints (click here for a pdf of the report)
Illinois just reached an alarming milestone: each Illinois household is now on the hook for, on average, $110,000 in government-worker retirement debts. That figure is the result of dividing Illinois’ $530 billion in state and local retirement shortfalls among the state’s 4.9 million households. In 2019, the burden was $90,000 per household.
Illinois’ retirement debts increased to $530 billion in 2020, according to a Wirepoints analysis of Moody’s Investors Service debt estimates. This is the first year the credit rating agency’s estimates of Illinois’ retirement debts, made up of both pension and retiree health shortfalls at the state and local level, have broken $500 billion.
The jump in Illinois’ shortfall, up nearly $100 billion compared to 2019, was due largely to the drop in interest rates as a result of the COVID crisis. Illinois’ shortfall is expected to remain elevated in 2021 despite the market recovery. (See Appendix B.)
The growth in Illinois’ retirement debts to half-a-trillion dollars is yet another grim reminder of how lawmakers’ refusal to address the pension crisis does real harm to ordinary residents. These outsized debts have contributed directly to Illinois’ other crises, including the state’s worst-in-the-nation credit rating, the 2nd-highest property taxes and the nation’s 5th-worst decline in real home values.
The pension crisis has also contributed indirectly to a record rate of outmigration and the nation’s 2nd-largest population losses since 2010.
In addition, the growing debts point to just how much the retirement security of more than a million Illinois government workers and retirees has collapsed.
SF Union Square Louis Vitton was looted of damn near everything the other night. Of course the Mayor and the DA who are responsible for creating and protecting this criminal behavior came out for the cameras to tell us all how OUTRAGED they were about this.
Dazzler I'm sure blames conservatives for it.
https://abc7news.com/louis-vuitton-looted-union-square-robbery-san-francisco/11256032/
@RuffaloSoldier???? True!!?!??!?
Kyle is shooting his shot
Dude should head down to Bama and Florida asap.
https://pjmedia.com/instapundit/
INMATES IN CHARGE AT STATE: Nigeria, which is being torn apart by Islamic radicals who ruthlessly and brutally murder Christian pastors and congregants on a daily basis, is no longer on the State Department’s list of “Countries of Particular Concern,” reports Alliance Defending Freedom International (ADFI).
“Christians living in Nigeria face some of the worst acts of persecution. Millions of people have fled devastating violence and have become internally displaced. As a result of the violence, 13,000 churches have been closed or destroyed altogether,” according to ADFI.
“Many victims have been kidnapped, raped, forcibly converted or married, or sold into slavery. Reports show that at least 17 Christians were killed every day in the first half of 2021 alone.”
Among other things, removing Nigeria from that list cleared the way for Secretary of State Anthony Blinken to hand $2.1 billion in new aid to the Nigerian regime that allows, and in many respects, assists the insurgents in their bloody attacks. It’s not like Blinken doesn’t know these facts because he was told in a private meeting by a pastor, according to The Epoch Times.
There's a point where all I have left is pity for such fools.
Is that good?