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Dems send Illinois spiraling toward bankruptcy

doogiedoogie Member Posts: 15,072
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in Tug Tavern
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
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    2001400ex2001400ex Member Posts: 29,457
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    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.
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    HFNYHFNY Member Posts: 4,520
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    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.
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    2001400ex2001400ex Member Posts: 29,457
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    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?
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    2001400ex2001400ex Member Posts: 29,457
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    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.
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    CirrhosisDawgCirrhosisDawg Member Posts: 6,390
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    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.
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    HFNYHFNY Member Posts: 4,520
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    edited June 2017
    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.

    image

    image

    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.
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    CirrhosisDawgCirrhosisDawg Member Posts: 6,390
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    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.

    image

    image

    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.
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    TierbsHsotBoobsTierbsHsotBoobs Member Posts: 39,680
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    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.

    image

    image

    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.
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    WilburHooksHandsWilburHooksHands Member Posts: 6,741
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    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.

    image

    image

    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
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    2001400ex2001400ex Member Posts: 29,457
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    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.

    image

    image

    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
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    CirrhosisDawgCirrhosisDawg Member Posts: 6,390
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    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.
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    Mosster47Mosster47 Member Posts: 6,246
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    I'm in Mt. Vernon, Illinois right now, and I agree that this state is broke.
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    HoustonHuskyHoustonHusky Member Posts: 5,954
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    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...
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    WilburHooksHandsWilburHooksHands Member Posts: 6,741
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    We're fine here in Cali, thanks.
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