Illinois Pension Plan Unfixable

We have been watching California, New York and Illinois because they are the most liberal states in the nation...and they are all hopelessly bankrupt. Now they are saying their state's pension plan is so bankrupt that it is "unfixable".

"Wouldn't that be nice to give everyone early retirement so they can spend more time with their grand kids?  Let's give all the teachers, garbage collectors, bus drivers and EVERYONE WHO WORKS FOR THE STATE, bigger pensions and retiree health insurance for life!!"  (It FEELS GOOD)

How long til they come banging on the door of the Federal Government asking for money to keep their basic services afloat? 

It appears that day may be really close.

Illinois's pension system is heading for a meltdown and may now be beyond help. That's the forecast from a Chicago business group, which told its members last week that the state's pension crisis "has grown so severe" that it is now "unfixable."

The Commercial Club of Chicago wrote that because the November elections did not bring in lawmakers willing to push real reform, the state's roughly $200 billion debt now threatens education, health care and basic public services. The problem is worsening so fast that the usual menu of reforms won't be enough to keep public pensions from sucking taxpayers and whole cities into its yawning maw.

If you think Illinois lawmakers aren't taking the problems seriously enough, just ask Pat Quinn. On Sunday, the Illinois Governor kicked off a "grass-roots" effort to rally the state around pension reform. The Governor hasn't come up with a plan, but don't despair: He introduced the state's new animated mascot, "Squeezy, the Pension Python," and encouraged voters to talk about the problem over Thanksgiving.

This isn't news to Illinois politicians, who continue to ignore the coming financial calamity even as the state's bond rating has fallen to the worst in the nation. State lawmakers may hope they can delay the train wreck with modest reforms and the kind of tax hikes Governor Jerry Brown recently foisted on California. Mr. Quinn has said getting a progressive income tax in the state is "one of my goals before I stop breathing."

Here; http://online.wsj.com/article/SB10001424127887324556304578123052059258768.html?mod=googlenews_wsj

Interesting...the most liberal state in the country has the worst credit rating and balance sheet in the country!!  Why?  I already told you yesterday....liberals don't like balance sheets!  They would rather run their government on FEELINGS.

Well, Chicago is about to find out what it means to start going without "basic public services."  What's that mean?  Police, fire, garbage, public transit, education...everything that a CIVIL SOCIETY requires.

So what's going to happen to Chicago when it becomes even more UNCIVIL than it already is?

I would suggest that if you live within 60 miles of downtown Chicago....you may want to move back a little further....because 5 million folks on food stamps and public housing are NOT GOING TO BE HAPPY when 'basic public services' become rare.

"If we want to leave IL, where should we move in the USA, Dennis, if we want to steer clear of the liberal, financial idiots?"

"Nebraska, North Dakota or Wyoming."

"Where should we move if we want to leave the country?"

"Uganda...or if your mother is Jewish, then Israel."

Last thing I want you to ponder....how long will the well-run states (ND, NE, WY) want to throw their checkbooks together with CA, IL, NY in the BIG FEDERAL CHECKBOOK?

Can you understand how civil wars start?  Do you understand what started the last one in America?

If you said, "slavery" you are wrong.