Message warning from Illinois comptroller

a reply to: Caver78

Michigan fail? Yes. Ohio? Not a chance. Ohio is a republican purple state whose finances are well in order. In addition, Ohio is sitting on top of 300+ years of NG via the Marcellus Shale discovery which is reflected in its credit rating.

a reply to: MaestroMind

What do you have against Michigan? MI is in decent shape. Detroit went thru bankruptcy and is on the rebound. The state hasn't had a Democratic government in quite a few years, so its finances are stable.

originally posted by: Virole


This is an official video from the office of the comptroller in Illinois warning people... This is important.

There isn't going to be any comprehensive budget.

America doesn't work that way.

There will be a patch, and emergency relief.

America always runs by "kicking the can down the road" principle.

They will provide just enough budget for essential services to continue to operate. And everything will be fine.

Not everybody will get what they want.

originally posted by: toysforadults
The world would be better without inept/corrupt government.

Fixed that for ya.

a reply to: AndyFromMichigan

I have absolutely nothing against Michigan. My reply was to Caver78 regarding his regional domino collapse effect. Ohio is in great financial shape is all I stated.

a reply to: Virole

i live in IL, we have always had some of the most corrupt running the Gov here. i dont know much about this lady but i met her on campaign trail recently. i didn't like her, everything about her just seemed fake. she may be a good person idk i just know i had bad feeling about her when i met her.

From what I understand, Illinois scored some big projects and grant money under Obama's term. Rahm Emanual is said to know "where a lot of the federal money is buried".

When it came to Chicago, Emanuel knew where a lot of federal money was buried — because he dug the hole himself while Obama’s chief of staff.

Mayor Rahm Emanuel, Obama’s first chief of staff; Sen. Dick Durbin D-Ill., a member of the Senate Appropriations Committee; and Obama’s first Transportation secretary, Ray LaHood, a former Republican House member from Central Illinois, became an extraordinarily powerful combo, excavating money from Washington and sending it back to Chicago and Illinois.

chicago.suntimes.com...

So, if I had to guess, I would say big corruption is to blame. Big Government slush funds that corrupt politicians have stuck their filthy hands into. I bet there is lots and lots of unaccounted money gone missing if the truth be known.

Just like all those "Green Funds" across the globe. (Check out 1MDB Malaysia.)

originally posted by: queenofswords
From what I understand, Illinois scored some big projects and grant money under Obama's term. Rahm Emanual is said to know "where a lot of the federal money is buried".

When it came to Chicago, Emanuel knew where a lot of federal money was buried — because he dug the hole himself while Obama’s chief of staff.

Mayor Rahm Emanuel, Obama’s first chief of staff; Sen. Dick Durbin D-Ill., a member of the Senate Appropriations Committee; and Obama’s first Transportation secretary, Ray LaHood, a former Republican House member from Central Illinois, became an extraordinarily powerful combo, excavating money from Washington and sending it back to Chicago and Illinois.

chicago.suntimes.com...

So, if I had to guess, I would say big corruption is to blame. Big Government slush funds that corrupt politicians have stuck their filthy hands into. I bet there is lots and lots of unaccounted money gone missing if the truth be known.

Just like all those "Green Funds" across the globe. (Check out 1MDB Malaysia.)

I'd say the federal money is "buried" in the offshore bank accounts of numerous politicians, especially including Rahm and Obama.

Another problem with pension funds is how they're managed. They are always given unrealistic percentage returns that always fall short from the fund managers. They tell you your pension money will realize a 7% annual rate of return, but then it only realizes say 3%, so your left with a 4% shortfall in the fund itself.

Then there are no plans to make up for that shortfall in the fund. It just goes on to the next year and you are told that money will be there.

www.nbcchicago.com...

Illinois Senate Republican leader Christine Radogno abruptly resigned Thursday afternoon, saying she had done “everything I can do to resolve the state’s budget crisis.”

She will continue her efforts to work on the budget during the state’s special session as a June 30 deadline looms, she says.

“Though I leave political office with a sense of sadness and some disappointment, I leave with no regrets,” she said. “I did my best – that’s all I could do. It has been a privilege to serve.”

Radogno’s resignation is effective July 1.

They are in CYA mode. With the YouTube address from the comptroller and now this. They know it won't get fixed and the fallout, both political and economic, will be severe in the years to come. Those that can leave, are doing so. Those that can't... Sorry, but you had to know it was coming.

a reply to: Virole

So a Senator resigned? What happens when they do this, is there an empty seat until there is a new election or how does that work? I didn't even know this was a thing. She's definitely abandoning the post because she knows it won't be pretty... thanks for sharing that. Any other info you have would be greatly appreciated!

originally posted by: dreamingawake
a reply to: Virole

Nearly the same is about to happen in Washington State and in Maine.

In Washington State the government shutdown will be affecting state parks(Fourth of July reservations have already been cancelled) to the more dire issues with the poor, Veterans and the elderly and even to the prisons and even permits for wells on properties.

This state is being torn apart, as per usual so it's not new, by the Two Party political bickering. They are working on a deal that might advert it but the results won't be brought up until Thursday night.

I really hope for the best that it doesn't happen in these states.

Similar story with my home state of Oklahoma and our neighbor Kansas.

How many states are in such dire straights at this point... the volume is a bit worrying.

originally posted by: dntwastetime
Obamas state . I bet those EBT and snap payments will be right on time though.

There's no words to express how bad it was for PRESIDENT OBAMA (most powerful man on Earth), to watch his home state sliding into the abyss, and totally ignore its problems for 8 years. Were it not for Illinois residents, he would have never become a U.S. Senator. Makes you wanna BARF.

originally posted by: Greven

originally posted by: dreamingawake
a reply to: Virole

Nearly the same is about to happen in Washington State and in Maine.

In Washington State the government shutdown will be affecting state parks(Fourth of July reservations have already been cancelled) to the more dire issues with the poor, Veterans and the elderly and even to the prisons and even permits for wells on properties.

This state is being torn apart, as per usual so it's not new, by the Two Party political bickering. They are working on a deal that might advert it but the results won't be brought up until Thursday night.

I really hope for the best that it doesn't happen in these states.

Similar story with my home state of Oklahoma and our neighbor Kansas.

How many states are in such dire straights at this point... the volume is a bit worrying.

It might not be a good idea for the Federal Government to start turning over more authority (read: $$$) to the states. Feds send money to Illinois for Medicaid, and much of it vanishes.

Did some digging and she isn't the first.


www.dailyherald.com...

Radogno's resignation follows those of state Democratic Rep. Elaine Nekritz of Northbrook, Republican state Sen. Matt Murphy of Palatine and Democratic state Sen. Dan Kotowski of Park Ridge, among others.

Of those listed...

www.dailyherald.com...

"I've put in my time and given it everything I know how to do and think it's time to move on," said Nekritz, assistant majority leader in the House. "I don't have anything else lined up, which is kind of scary,

A key financial policy adviser for the party and an active negotiator on budget and public pension measures, Nekritz is also known for her work on environmental issues and is considered one of the most powerful suburban lawmakers within House Speaker Michael Madigan's inner circle.

No plan but it's time to go she says...

www.chicagotribune.com...

During his tenure, Murphy was an outspoken critic of the Democratic control of the legislature, particularly on budgetary and procedural matters.

He also was viewed as a rising GOP star who could put in context Republican Gov. Bruce Rauner's "turnaround agenda," a significant issue at play in the partisan stalemate that left Illinois without a formal state budget."

Rising Star bails out...

Lastly... From 2015.

"The fact is," Kotowski wrote in a statement, "that there are many paths to choose. ... Whether it's as a state senator, the leader of a nonprofit or as a citizen advocate, I have many ways to make a direct and even more meaningful impact on the lives of others."

He said later that he had "every confidence" that his colleagues "can resolve the budget challenges that we face."

Kotowski, the former head of the Illinois Council on Handgun Violence, was first elected to the state Senate in 2006. One of the Senate's two appropriations chairmen, he also headed the bipartisan Budgeting for Results Commission and was the author of measures heightening transparency and accountability for government spending.

www.dailyherald.com...


----------------

To summarize. Big players involved with the budget and accountability are all feeling it's the right time to leave. Even in some cases without a plan on where to go. That sounds like the Titanic sinking and jumping in ice water because even if you don't have a life raft, it beats drowning inside the ship.

originally posted by: Greven

originally posted by: dreamingawake
a reply to: Virole

Nearly the same is about to happen in Washington State and in Maine.

In Washington State the government shutdown will be affecting state parks(Fourth of July reservations have already been cancelled) to the more dire issues with the poor, Veterans and the elderly and even to the prisons and even permits for wells on properties.

This state is being torn apart, as per usual so it's not new, by the Two Party political bickering. They are working on a deal that might advert it but the results won't be brought up until Thursday night.

I really hope for the best that it doesn't happen in these states.

Similar story with my home state of Oklahoma and our neighbor Kansas.

How many states are in such dire straights at this point... the volume is a bit worrying.

Thanks for sharing about more, worse than I figured.

I'm seeing shutdown news from earlier in the year for Oklahoma and Kansas? Ohio adverted shutdown earlier in the year I believe.

New Jersey is preparing shutdown: Source

No positive updates for Illinois?

Washington State-Komo State officers preparing to close, parks to stay open on Friday-may close after.

If a budget is not approved by Saturday, July 1st, the state would go into a partial government shutdown. About 32,000 state employees were told they would be laid off under the shutdown. More than 40 agencies were told to prepare for full or partial shutdowns.

Maine will partially shut down but keep police employed and state parks open. Source

originally posted by: ketsuko
Another problem with pension funds is how they're managed. They are always given unrealistic percentage returns that always fall short from the fund managers. They tell you your pension money will realize a 7% annual rate of return, but then it only realizes say 3%, so your left with a 4% shortfall in the fund itself.

Then there are no plans to make up for that shortfall in the fund. It just goes on to the next year and you are told that money will be there.

Kentucky has now surpassed Illinois in unfunded pension plans. www.bereaonline.com...

Now that the Legislature and the Governorship is in the hands of Republicans, there should be no reason to carry on with the Democrats' past behavior but their efforts in the last session certainly didn't amount to much. The pension system for retired teachers has already cut everything they can cut from the benefits promised. As a result of the benefit cuts made in the late '90s, the fund appeared to be stable by early in the 2000s.

Obamacare gave them a tremendous hit, something like a additional $31 million deficit the first year and expected to rise according the newsletter put out by KTRS (Kentucky Teachers Retirement System.) This was after about a third of the reserve was lost in the crash of '08. The pension managers were never held accountable by the Democrats. When Bevin, our current Republican governor was elected, he immediately began replacing the Boards of Directors for these pension funds and the Democrat Attorney General began suing him to keep them in place. Craziest thing I've seen in KY politics in quite some time. Epic fail I believe is the current term.

Of course, the Legislator's pension fund is in the best shape of any! Imagine that!
www.kentucky.com...

Friday 6.30.2017

ILLINOIS NOW HAS A BUDGET...sort of. A huge $5 Billion TAX INCREASE needs to be voted on. That's a lot of money for residents of a state where over 1,300 move away, every month!

""SPRINGFIELD, Ill. (AP) — A $36.5 billion foundation for rebuilding Illinois' crumbling finances passed a critical test on Friday, but a powerful legislative leader said no deal would be reached before a critical midnight deadline — meaning Illinois will enter its third consecutive fiscal year without a budget.

The proposal would be fueled by a $5 billion income tax increase and $2.4 billion in spending reductions, according to Democrats who control the Legislature. The proposal was approved on a 90-25 vote in the House, but it was a test run.

The plan won't get a final vote before the fiscal year starts Saturday. Without a budget, the state enters dangerous territory: Some universities may not be able to offer federal financial aid, road construction and Powerball ticket sales could halt, and the state's credit rating could be downgraded to "junk.""

Full Article: www.usnews.com...

a reply to: diggindirt

The problem is that once you gimme to people then it becomes really, really hard to take it away.

These people were promised that money. It doesn't matter to them that they'll be sending the entire state into economic chaos if they demand to collect, and it doesn't matter if the promises were made to them under false pretenses, and the reality is that many of them planned around those promises and are now too old to do anything else to compensate for the losses.

They'll send everyone else over the cliff before they'll give up what's they feel is theirs, any part of it.

So what do you do? Better to have avoided that situation in the first place, but it's too late now.

The property taxes in IL are already absurd. It's not like we live in the Rocky Mountains, California, or on the Florida coast. A lot of people and businesses are moving out. IL Powerball and Megamillions sales are shutting down on Friday because of the crisis. There was talk last week about surrounding states absorbing the defunct state of IL. Most of the tax dollars go to Chicago anyway. Maybe Chicago should be detached from IL and labeled a district like the District of Columbia. The District of Chicago.