Liberalism once again does what it always does, FAILURE.

[task0778]

Illinois has a spending problem that has been in place a long time before Rauner showed up. The state democrat-controlled legislature has used all kinds of accounting tricks and gimmicks to hide the truth, which is finally at the point where it cannot be papered over any longer. Taxes ain't going to do it, but you'll never convince the democrats of that.

If we really have all these expenses and obligations, why is Rauner trying to tie it to a lot of other thigns that have nothing to do with the budget? Here's the thing.. he got 90% of what he asked for, and he STILL won't sign on. And it's going to cost a lot more money if the rating agencies classify IL bonds to junk status.

Really? What was our unfunded pension liability before Rauner? Now?

Unfunded Liablity is a unicorn..It's something that Repuks blurt out when they don't have an argument for their douchebaggery.

Hey... here's how you fund your obligations. MAKE THE FUCKING RICH PAY THEIR FAIR SHARE!!!

Unfunded Liablity is a unicorn

In Illinois, it's a $119 billion unicorn. That's a big fucking unicorn.

Hey... here's how you fund your obligations. MAKE THE FUCKING RICH PAY THEIR FAIR SHARE!!!

That's a great idea! You should really hike their rates.
It's not like they can move out of the state.

DERP!

The democrats already tried that back in January 2011, they raised the state personal income tax by 67% for 4 years, well before Rauner arrived on the scene. So what happened? It didn't work out, during that time Illinois lead the nation in wealth flight which meant the short term increase in revenue was offset by the log term loss of a substantial part of their tax base. The average income of taxpayers leaving Illinois rose to $77,000 per year in 2014, according to new income migration data released by the IRS. Meanwhile, the average income of people entering Illinois was only $57,000.

 

[MindWars]

 

[task0778]

Illinois has a spending problem that has been in place a long time before Rauner showed up. The state democrat-controlled legislature has used all kinds of accounting tricks and gimmicks to hide the truth, which is finally at the point where it cannot be papered over any longer. Taxes ain't going to do it, but you'll never convince the democrats of that.

If we really have all these expenses and obligations, why is Rauner trying to tie it to a lot of other thigns that have nothing to do with the budget? Here's the thing.. he got 90% of what he asked for, and he STILL won't sign on. And it's going to cost a lot more money if the rating agencies classify IL bonds to junk status.

Really? What was our unfunded pension liability before Rauner? Now?

Unfunded Liablity is a unicorn..It's something that Repuks blurt out when they don't have an argument for their douchebaggery.

Hey... here's how you fund your obligations. MAKE THE FUCKING RICH PAY THEIR FAIR SHARE!!!

Unfunded Liablity is a unicorn

In Illinois, it's a $119 billion unicorn. That's a big fucking unicorn.

Hey... here's how you fund your obligations. MAKE THE FUCKING RICH PAY THEIR FAIR SHARE!!!

That's a great idea! You should really hike their rates.
It's not like they can move out of the state.

DERP!

Actually Todd, it's worse than that:

The problem festered for so long that Moody's estimates Illinois has unfunded pension liabilities totaling $251 billion. To put that into context, that's more than the combined market value of four major Illinois companies: Boeing (BA), Caterpillar (CAT), United Continental (UAL) and Allstate (ALL).

How Illinois became America's most messed-up state

 

[task0778]

Here's one explanation for how Illinois ended up where they're at. It sure as hell ain't Rauner's fault:

While the budget impasse is throwing a spotlight on Illinois's dire financial situation today, the fiscal problems go back at least to the 1980s and involve politicians from both parties. The most glaring evidence is the enormous pension crisis. Rather than dealing with the problem, Illinois continued to reward the state's powerful unions with more generous benefits.
The problem festered for so long that Moody's estimates Illinois has unfunded pension liabilities totaling $251 billion. To put that into context, that's more than the combined market value of four major Illinois companies: Boeing (BA), Caterpillar (CAT), United Continental (UAL) and Allstate (ALL).
"The massive pension liability results from a chronic tendency to defer difficult decisions," said Ted Hampton, who as a senior credit officer at Moody's will help decide whether to downgrade Illinois into junk. Hampton said Illinois treated the pension fund as a "financial cushion" that could be relied on to provide fiscal relief. He also pointed to a tendency to delay paying bills and chronically underestimate spending needs.
"All of these problems are governance and management weaknesses," Hampton said. That's a polite way of saying the political leaders broke the system.

Missed opportunity in 1995

Experts said the turning point may have been 1995. At that point, Illinois already had one of the worst-funded pension systems in the United States. State leaders took action by adopting a 50-year plan to get the pension plans 90% funded. But that plan turned out to be badly flawed. The initial contributions were too modest, and Illinois didn't make the politically difficult choices of tax hikes or spending cuts to get the budget on a sustainable path.
"It was one of the greatest pieces of chicanery ever pulled by a political system," said Ralph Martire, executive director at the Center for Tax and Budget Accountability, a think tank that promotes social and economic justice. Instead of reform, the compromise "codified the practice of underfunding the pension" and "intentionally" grew the shortfall by $45 billion, Martire said.
Illinois is also notorious for using one-time financial tricks that masked the scale of its growing fiscal problems. "Republicans and Democrats would stand up and say they passed a balanced budget, but it wasn't -- and they knew it," said Diana Rickert, vice president of communications at the Illinois Policy Institute, a free market-oriented think tank. Rickert said either the politicians knew what they were doing, or they "don't know how math works."

How Illinois became America's most messed-up state

 

[task0778]

Bottom line: it comes down to spending cuts, you cannot raise Illinois state taxes enough to cover a $15 billion dollar state shortfall, and that ain't including the pension problem. Raising taxes and spending more money NEVER gets anyone out of a fiscal quagmire. That's because rich people leave and you don't get the expected revenue you planned on, and elected reps never cut enough spending cuz they don't have the guts to do what is necessary most of the time.

 

[danielpalos]

'Unprecedented Step': Powerball and Mega Millions Sales Suspended in Illinois

'Unprecedented Step': Powerball and Mega Millions Sales Suspended in Illinois

Amid a budget crisis plaguing the state, the sale of Powerball and Mega Millions tickets will be suspended, the Illinois Lottery said Wednesday.


When liberals spend other peoples money to the point that there isn't enough money anymore, then the result is like Venezuela, BANKRUPTCY. And guess who gets hurt the most? The poor, because they can't leave the screwed up state. Always happened and always will happen. Liberalism is about equality, where everyone will be equally poor and equally miserable. That is called FAIRNESS.....

lol. I guess, according to your view, if the right can't abolish the drug war, they Own It.

 

[Toddsterpatriot]

Illinois has a spending problem that has been in place a long time before Rauner showed up. The state democrat-controlled legislature has used all kinds of accounting tricks and gimmicks to hide the truth, which is finally at the point where it cannot be papered over any longer. Taxes ain't going to do it, but you'll never convince the democrats of that.

If we really have all these expenses and obligations, why is Rauner trying to tie it to a lot of other thigns that have nothing to do with the budget? Here's the thing.. he got 90% of what he asked for, and he STILL won't sign on. And it's going to cost a lot more money if the rating agencies classify IL bonds to junk status.

Really? What was our unfunded pension liability before Rauner? Now?

Unfunded Liablity is a unicorn..It's something that Repuks blurt out when they don't have an argument for their douchebaggery.

Hey... here's how you fund your obligations. MAKE THE FUCKING RICH PAY THEIR FAIR SHARE!!!

Unfunded Liablity is a unicorn

In Illinois, it's a $119 billion unicorn. That's a big fucking unicorn.

Hey... here's how you fund your obligations. MAKE THE FUCKING RICH PAY THEIR FAIR SHARE!!!

That's a great idea! You should really hike their rates.
It's not like they can move out of the state.

DERP!

The democrats already tried that back in January 2011, they raised the state personal income tax by 67% for 4 years, well before Rauner arrived on the scene. So what happened? It didn't work out, during that time Illinois lead the nation in wealth flight which meant the short term increase in revenue was offset by the log term loss of a substantial part of their tax base. The average income of taxpayers leaving Illinois rose to $77,000 per year in 2014, according to new income migration data released by the IRS. Meanwhile, the average income of people entering Illinois was only $57,000.

the short term increase in revenue was offset by the log term loss of a substantial part of their tax base.

Yeah, no one could have predicted that one, eh?
Stupid fucking liberals, don't understand incentives or economics or math.

 

[JoeB131]

In Illinois, it's a $119 billion unicorn. That's a big fucking unicorn.

Well, except we can pay those bills when they come up 20 years from now, so again, a unicorn.

 

[JoeB131]

Yeah, no one could have predicted that one, eh?
Stupid fucking liberals, don't understand incentives or economics or math.

Illinois is in far better shape than Ohio, Wisconsin, or Michigan.

Until Rauner came along, anyway.

Look, once we run Rauner out on a rail, all these problems get solved.

 

[JoeB131]

View attachment 136562

Okay, that misogynistic horseshit had nothing to do with the thread. Are your meds properly adjusted.

 

[sealybobo]

'Unprecedented Step': Powerball and Mega Millions Sales Suspended in Illinois

'Unprecedented Step': Powerball and Mega Millions Sales Suspended in Illinois

Amid a budget crisis plaguing the state, the sale of Powerball and Mega Millions tickets will be suspended, the Illinois Lottery said Wednesday.


When liberals spend other peoples money to the point that there isn't enough money anymore, then the result is like Venezuela, BANKRUPTCY. And guess who gets hurt the most? The poor, because they can't leave the screwed up state. Always happened and always will happen. Liberalism is about equality, where everyone will be equally poor and equally miserable. That is called FAIRNESS.....

View attachment 136135

Explain how liberalism is the cause. Also please explain what liberalism from your mind.

Unsustainable, unaffordable, unfunded public employee pensions.

We had a surplus before Bush's tax cuts, wars and sending jobs overseas

 

[JoeB131]

Bottom line: it comes down to spending cuts, you cannot raise Illinois state taxes enough to cover a $15 billion dollar state shortfall, and that ain't including the pension problem. Raising taxes and spending more money NEVER gets anyone out of a fiscal quagmire. That's because rich people leave and you don't get the expected revenue you planned on, and elected reps never cut enough spending cuz they don't have the guts to do what is necessary most of the time.

Again, we were just fine before Rauner started mucking things up. IN fact, we didn't have a shortfall until the 2011 tax increase was allowed to expire.

Now, that said, I have no problem with some belt-tightening and budget cuts. But Rauner's obstructionism has nothing to do with that. He wants a whole bunch of right wing agenda items that have nothing to do with spending or taxes.

 

[Toddsterpatriot]

In Illinois, it's a $119 billion unicorn. That's a big fucking unicorn.

Well, except we can pay those bills when they come up 20 years from now, so again, a unicorn.

How can we pay them in 20 years when we can't make the smaller contributions today?

 

[Toddsterpatriot]

Yeah, no one could have predicted that one, eh?
Stupid fucking liberals, don't understand incentives or economics or math.

Illinois is in far better shape than Ohio, Wisconsin, or Michigan.

Until Rauner came along, anyway.

Look, once we run Rauner out on a rail, all these problems get solved.

Illinois is in far better shape than Ohio, Wisconsin, or Michigan. Until Rauner came along, anyway.

Bullshit. Ohio was 79% funded in 2014, Michigan 66.7%. Illinois, 41.3%

 

[Toddsterpatriot]

'Unprecedented Step': Powerball and Mega Millions Sales Suspended in Illinois

'Unprecedented Step': Powerball and Mega Millions Sales Suspended in Illinois

Amid a budget crisis plaguing the state, the sale of Powerball and Mega Millions tickets will be suspended, the Illinois Lottery said Wednesday.


When liberals spend other peoples money to the point that there isn't enough money anymore, then the result is like Venezuela, BANKRUPTCY. And guess who gets hurt the most? The poor, because they can't leave the screwed up state. Always happened and always will happen. Liberalism is about equality, where everyone will be equally poor and equally miserable. That is called FAIRNESS.....

View attachment 136135

Explain how liberalism is the cause. Also please explain what liberalism from your mind.

Unsustainable, unaffordable, unfunded public employee pensions.

We had a surplus before Bush's tax cuts, wars and sending jobs overseas

We had a surplus before Bush's tax cuts

Unsustainable bubbles are cool. If only the Internet Bubble had continued another 10 years, eh?

 

[Toddsterpatriot]

Bottom line: it comes down to spending cuts, you cannot raise Illinois state taxes enough to cover a $15 billion dollar state shortfall, and that ain't including the pension problem. Raising taxes and spending more money NEVER gets anyone out of a fiscal quagmire. That's because rich people leave and you don't get the expected revenue you planned on, and elected reps never cut enough spending cuz they don't have the guts to do what is necessary most of the time.

Again, we were just fine before Rauner started mucking things up. IN fact, we didn't have a shortfall until the 2011 tax increase was allowed to expire.

Now, that said, I have no problem with some belt-tightening and budget cuts. But Rauner's obstructionism has nothing to do with that. He wants a whole bunch of right wing agenda items that have nothing to do with spending or taxes.

IN fact, we didn't have a shortfall until the 2011 tax increase was allowed to expire.

Allowed? It was a temporary increase. Did it balance the budget?

Illinois marked 14th straight budget deficit in FY 2015: audit

Illinois marked 14th straight budget deficit in FY 2015: audit

The 2014 deficit was $6.7 billion. Before Rauner took office. Moron.

 

[JoeB131]

he 2014 deficit was $6.7 billion. Before Rauner took office. Moron.

Hey, fuckhead, you do realize that you are supposed to run deficits in recession years.6.7 Billion for a state coming out of recession is peanuts. It's 6.2 billion in 2017

Thing is, we paid our bills and our bond status wasn't "Junk" like it is now.

 

[Toddsterpatriot]

he 2014 deficit was $6.7 billion. Before Rauner took office. Moron.

Hey, fuckhead, you do realize that you are supposed to run deficits in recession years.6.7 Billion for a state coming out of recession is peanuts. It's 6.2 billion in 2017

Thing is, we paid our bills and our bond status wasn't "Junk" like it is now.

you do realize that you are supposed to run deficits in recession years.

Illinois marked 14th straight budget deficit in FY 2015: audit

DERP!

6.7 Billion for a state coming out of recession is peanuts.

the 2014 deficit was $6.7 billion.

The recession ended in June 2009. Moron.

 

[JoeB131]

The recession ended in June 2009. Moron.

Did it? Did all the lost revenue come back?

Look, buddy, Raunder is a fail and they are running hiim out on a rail next year. Deal with it.

 

[HenryBHough]

But for all that ya gotta admire liberals consistency and never-ending faith in their party masters. They'd think that, too....but they're not allowed to think.