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Finance - Investments Sub-forum: Non-Actuarial Personal Finance/Investing

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  #81  
Old 06-27-2013, 09:55 AM
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stupid, stupid, stupid. Good thing sales tax is cheap here, try again. Good thing gas prices are some of the cheapest in the nation, wait a sec.

Broke Ass Crime Ridden Overweight joke of a state I call home, Illinois.
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  #82  
Old 06-30-2013, 01:48 PM
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Good news!

http://www.chicagotribune.com/news/l...,2433973.story

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— There's more bad news about Illinois' worst-in-the-nation government worker pension debt, but it's not as awful as it could have been.

The pension shortfall is projected to hit a record $102.7 billion by next summer if cost-saving reforms aren't put in place. The size of the hole, however, is expected to grow at a slightly slower pace in the next year. Aides to Gov. Pat Quinn say that's because the state has been making full pension payments and is seeing the effect of a lower set of benefits for newer employees.

The new calculations also mean that Quinn will have to revise downward his stock line about Illinois losing $17 million for each day the pension problem goes unresolved. The administration now projects the price tag at a little more than $5 million a day, but that's not going to give taxpayers much solace.
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  #83  
Old 07-10-2013, 04:21 PM
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Enjoying the little political spat about legislator pay being withheld.
The public is not outraged enough, the unions are not afraid enough, and the bond holders are not tough enough. Is the governor?
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Old 07-10-2013, 04:29 PM
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Originally Posted by Duffer View Post
Enjoying the little political spat about legislator pay being withheld.
The public is not outraged enough, the unions are not afraid enough, and the bond holders are not tough enough. Is the governor?
You mean Gov. "Squeezy the Python was my great idea" Quinn?





I assume the question is rhetorical.
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  #85  
Old 07-10-2013, 04:30 PM
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Is it?
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  #86  
Old 07-10-2013, 04:44 PM
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Old 07-10-2013, 05:04 PM
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Is it?
Question was not rhetorical, but I don't live in Illinois, so this is a spectator sport for me. Is Quinn going to get any meaningful solution?
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Old 07-10-2013, 05:13 PM
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Short answer: no


Longer answer: you've obviously not paid any attention to Illinois since 2009. Quinn is entirely ineffectual. He's gotten about zero done with respect to Illinois's fiscal problem, except for a tax hike. Which brought in a lot less revenue than projected (unexpectedly!)

http://en.wikipedia.org/wiki/Pat_Qui...)#Governorship
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Old 07-10-2013, 06:59 PM
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Short answer: no


Longer answer: you've obviously not paid any attention to Illinois since 2009. Quinn is entirely ineffectual. He's gotten about zero done with respect to Illinois's fiscal problem, except for a tax hike. Which brought in a lot less revenue than projected (unexpectedly!)

http://en.wikipedia.org/wiki/Pat_Qui...)#Governorship
Well, the bond people and the Illinois Policy Institute have raised the level of discussion a little since 2009, so he has more pressure to act now.
But I did not / would not vote for him in any event.

In CA, Gov Brown did get something done, but it only solves 5% of the total problem with pension reform and maybe 10% with higher taxes.

Rhode Island gets more credit for being the example of climbing out of the hole they are in.
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  #90  
Old 08-12-2013, 10:20 AM
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I forgot that I had a special thread just for Illinois

http://mobile.reuters.com/article/id...30809?irpc=932

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Aug 9 (Reuters) - Moody's Investors Service downgraded $1.56 billion of debt issued by the University of Illinois and lowered the ratings on six other state universities on Friday, citing concerns about the state's underfunded pensions.

Shortly after the rating agency in June downgraded the state of Illinois to "A3" for its underfunded public pension system, it also put most Illinois public universities on review for downgrade.

"The primary reason for all the rating actions here is the Illinois public universities' high to moderately high reliance on the State of Illinois, which for many years in succession has delayed the payment of annually appropriated funds," Moody's spokesman David Jacobson said in an e-mail to Reuters.

"The negative outlook is based on the risk of ongoing appropriation pressure," he added.

"If pension reform is passed, University of Illinois may need to fund a portion of its pension expense, possibly as early as FY 2015," Moody's said in a report. "If pension reform fails to be enacted, we expect continued pressure on state operating appropriations."

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