Originally Posted by kknudson

KnudsOn

1) Do you know why the state employee pensions have been under-funded through the years?
Corrupt Politics, public systems not be forced to fund their systems at proper levels.
EXTREME BENEFITS PROMISED TO THE UNIONS BY THOSE CORRUPT POLITICIANS. Those same unions contribute heavily to those politicians.
If they had been forced to contribute at the level of private systems, the Poli's would not have given away such generous benefits.

Per Teachers Retirement System
In 2006, 860 retirees were receiving 8k+ / month (yes 96k), in 2010 that number is 2,803. AND over the next several years that growth rate will accelerate along with the $ amount increasing.
It should be noted also that they receive FREE 100% Health care as well.

Where is there a private pension system that allows you to retire at 55, or after merely 30 years and begin collecting immediately?
Private systems make you wait until you are 62 or 65 to begin collecting. (58 sometimes with reduced benefits).
Where is there a private pension system that bases your benefits on your final paycheck, including cashing of large amounts of accumulated sick, and vacations days ?
Accumulated far in excess of what the IRS allows private employees to accumulate.
Private pensions also cap your payout, adjusted for inflation, but it is capped.

2) Do you know why Illinois has had an artificially low 3% flat income tax?
The income tax may have been artificially low, but the overall tax load WAS above average. Politicians nickel and dime us, the airlines learned the game well.
WHY have/is the employee contribution to those pension funds been artificially low ? (Sometimes ridiculously low by private standards).
WHY have/is the employee contribution to health insurance been extremely artificially low ?

3)Hint- their connected
a) you believe all the union hype.
b) you are a shining example of why IL students show such high national scores.

Unions have destroyed the auto industry, the airlines …..
They are dragging down the states, how long before they crash and burn.

The above issue’s with the public pension systems is not just the teachers, but all public pensions.





The problem is the corruption in Chicago, Crook County and the Il Senate.
Read the current comments about Berios, look at the power controlled by Madigan(and Cullerton(His son just got probation for his 3rd, .188 DUI the first 2 were dropped ? And he was driving a state vehicle)) those 2 pretty much run the state how they please. And both profit off it handsomely in "their" own ways.
Look at Berwyn and Betty Maltease.
Remember Bell CA, well we have a city like that just south of Chicago.
How about the city where if you have a liquor license you buy your insurance from one agency, owned by the mayor and head of the liquor commision.
How about the state senators that give away scholarships to friends and relatives even though the state is broke and they are NOT supposed to go to friends etc.
Look at Pagano and the RTA.
OH and my favorite the Stroger legacy.

Funny how the politicians pass their legacy to a son or daughter, aren't WE supposed to choose ?? (see Stroger, Jones ....)

I know there is corruption everywhere in politics, We seem to have an abundance, although they are good at keeping it at arms length.
Nail Daily, Madigan or Cullerton NOT A CHANCE EVEN AFTER H FREEZES SOLID.


Unfortunately though given the Union vote in Chicago the downstaters have little voice.
Bradley was comfortably ahead until the Chicago votes came in.
He won 80% of the counties but lost Crook.
Not saying he would have cleaned things up, but Gov Jello is a joke.

OH last minute update.
One of the outgoing Senators who voted FOR the tax hike, was suddenly appointed to a well paying (86k ) position.
Coincidence, I've got a bridge for you !!!!

And one final comment, be careful there are several legal positions that could limit in any situation or ELIMINATE in bankruptcy, the liability of the state/cities etc to fund those pension systems.
Despite what appears to be a consituitional requirement.


To another comment, I believe ALL states are required to have a balanced budget, but they can borrow to cover the deficit.





Once we had Prohibition the Mob ran it an profited heavily.
The government saw it, legalized it and taxed it.

Once we had the numbers game, the Mob ran it an profited heavily.
The government saw it, created Lotto and taxed it.

Once gambling was in Vegas only, the Mob ran it an profited heavily.
The government saw it, legalized it everywhere and taxed it.


So did the Mob takeover the Government.
Did the Government take over the Mob.

Or was there a friendly merger ??