posted on Jun, 29 2017 @ 08:05 AM
There are several issues that caused Illinois to end up where it is now.
First and foremost are the absolutely criminal democrats who have literally run this city into the ground. They are a cancer and nothing more. Cancer
is a stupid disease. It kills its own host ensuring its own demise as well. Welcome to Chicago politics.
Second, the ignorance of the democrat leadership allowed blatant misuse of funds for so long that there is no hope of ever repairing the damage.
Third, are the little things that become a huge burden when they accumulate. Pensions are based on income at the time of retirement. Monies paid into
pension funds are based on income during employment. Its a simple formula. The reason it doesn't work is simple too. For example, a police officer who
makes $100,000 per year is going to retire. His pension, 60% of his salary, will be $60,000 per year. But, he has grown accustomed to $100,000 a year
and has friends in high places. So, two weeks before he retires his is given a $60,000 per year raise. Now when he retires in two weeks his pension
benefit will be $99,600 per year. The problem is that during his entire employment duration the monies paid into his pension fund were for a salary of
$100,000. The other $60,000 are unfunded from DAY ONE.
This is just a very small example of how easily fiscal ignorance on the part of city leaders can plummet a city in to the depths of financial hell in
no time at all. And Chicago has been digging this hole for decades under democrat rule. There is no saving Chicago. It will default, even if they pass
a budget. They simply can not generate enough revenue to solve the problem. Any budget passed at this point will only delay the inevitable.
Like SOOOOO many others, my wife and I have decided it is time to leave Illinois once and for all.