TyroneSlothrop
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Correcting the Laughable Self-Delusions of Left-Wingers
- Thread starter bedowin62
- Start date
bedowin62
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- Feb 6, 2014
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Tribune watchdog: Pension Games -- Chicago Tribune
media.apps.chicagotribune.com/pensions/index.html
Huge pension based on ... Political moves put city pensions in crisis. Chicago’s public pension funds are teetering on the brink of insolvency in large part ...
media.apps.chicagotribune.com/pensions/index.html
Huge pension based on ... Political moves put city pensions in crisis. Chicago’s public pension funds are teetering on the brink of insolvency in large part ...
bedowin62
Gold Member
- Feb 6, 2014
- 17,997
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- #184
The roots of Chicago’s $19.5 billion public pension crisis ...
Home WBEZ 91.5 Chicago/news/experts-say-chicago-has-public-pension-system...
Pension fund leaders have been complaining for decades about the same sort of inadequate funding method that persists ... Chicago pension crisis, CHicago police …
Home WBEZ 91.5 Chicago/news/experts-say-chicago-has-public-pension-system...
Pension fund leaders have been complaining for decades about the same sort of inadequate funding method that persists ... Chicago pension crisis, CHicago police …
TyroneSlothrop
Diamond Member
bedowin62
Gold Member
- Feb 6, 2014
- 17,997
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Blog: Chicago pension crisis called worst in nation
American Thinker/blog/2013/12/chicago_pension_crisis_called...
Dec 30, 2013 · Calling the Chicago pension crisis the worst in ... more than $100 billion in unfunded pension ... Chicago teachers' pension fund is roughly ...
American Thinker/blog/2013/12/chicago_pension_crisis_called...
Dec 30, 2013 · Calling the Chicago pension crisis the worst in ... more than $100 billion in unfunded pension ... Chicago teachers' pension fund is roughly ...
nuhuh
Gold Member
TyroneSlothrop
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- #190
DrDoomNGloom
Gold Member
20 Cities That May Face Bankruptcy After Detroit
By Stephen Moore | Tuesday, 06 Aug 2013 09:22 PM
Think Motown is the only major U.S. city in a boatload of financial trouble? Think again.
Detroit's bankruptcy filing sent shivers down the spine of municipal bondholders, government employees, and big-city urban residents all over the country.
That's because many of the 61 largest U.S. cities are plagued with the same kinds of retirement legacy costs that sent Detroit into Chapter 9 bankruptcy this summer.
Editor's Note: ‘This Wasn’t an Accident’ — Experts Testify on Financial Meltdown
These cities have amassed $118 billion in unfunded healthcare liabilities. These are legal promises to pay healthcare benefits to municipal workers beyond the employee contributions to finance those funds. This is a giant fiscal sink hole — and because of defined benefit plans, the hole keeps getting deeper.
Detroit may be the largest city in American history to go bankrupt, but it is not alone. The city raced to the financial insolvency finish line before anyone else in its class.
Keep an eye on "too big to fail" cities like Chicago, Philadelphia, and New York.
According to an analysis by the Manhattan Institute, several Chicago pension funds are in worse financial shape than the worker pensions in Detroit. One is only 25 percent funded, and where the other 75 percent of the money will come from is anyone's guess. And there are about a dozen major California cities having systemic problems paying their bills.
Here is my worry list, based on bond ratings and other data, of the top 20 cities to watch for financial troubles in the wake of the Detroit story:
1. Compton, Calif.
Compton has teetered on the brink of bankruptcy after it accrued a general-fund deficit of more than $40 million by borrowing from other funds, depleting what had been a $22 million reserve.
2. East Greenbush, N.Y.
A New York state audit concluded that years of fiscal mismanagement — including questionable employment contracts and illegal payments to town officials — left East Greenbush more than $2 million in debt.
3. Fresno, Calif.
Fresno had the ratings of its lease-revenue bonds downgraded to junk-level by Moody's, which also downgraded its convention center and pension obligation bonds due to the city's "exceedingly weak financial position."
4. Gulf County, Fla.
Fitch Ratings warned that Gulf County's predominately rural economy is "narrowly focused," with income levels one-quarter below national averages and economic indicators for the county also comparing unfavorably to national averages.
5. Harrisburg, Pa.
Harrisburg is at least $345 million in debt, thanks largely to municipal bonds it guaranteed in order to finance upgrades to its problematic waste-to-energy trash incinerator.
6. Irvington, N.J.
Irvington has a violent crime rate six times higher than New Jersey's average, with Moody's citing "wealth indicators below state and national averages and tax-base and population declines due to increased tax appeals and foreclosures."
7. Jefferson County, Ala.
Jefferson County, home to the city of Birmingham, has been dealing with the collapse of refinancing for a sewer bond. It filed for bankruptcy protection in 2011 over a $3.14 billion sewer bond debt.
8. Menasha, Wis.
Menasha defaulted on bonds in 2007 it had issued to fund a steam plant which has since closed and left the city permanently in the red and, as of 2011, had $16 million in general fund revenue, but had $43.4 million in outstanding debt.
9. Newburgh, N.Y.
Newburgh was cited by Moody's for "tax base erosion and a weak socioeconomic profile," with 26 percent of its population below the poverty line and its school district facing a $2 million budget gap.
10. Oakland, Calif.
Oakland is trying to get out of a Goldman Sachs-brokered interest rate swap that is costing it $4 million a year. According to a recent city audit, Oakland has lost $250 million from a 1997 pension obligation bond sale and subsequent investment strategy.
11. Philadelphia School District, Pa.
Philadelphia's school district, the nation's eighth-largest, faces a $304 million deficit in its $2.35 billion budget, and is seeking $133 million from labor-contract savings to prevent further cutbacks.
12. Pontiac, Mich.
Pontiac, where the emergency manager has restructured the city's finances, was downgraded by Moody's, reflecting the city's history of fiscal distress and narrow liquidity.
13. Providence, R.I.
Providence, rumored to be filing for bankruptcy for more than a year, experienced consecutive deficits through fiscal 2012, has a high-debt burden and significant unfunded pension liabilities, as well as high unemployment and low income levels.
14. Riverdale, Ill.
The credit rating for Riverdale is under review by Moody's because the city has not released an audit of interim or unaudited data for the year that ended April 30, 2012.
15. Salem, N.J.
Salem is under close fiscal supervision after it issued bonds to finance the construction of the Finlaw State Office Building, which was delayed by construction issues, and its leasing revenues are not enough to cover the debt payments and the maintenance fees.
16. Strafford County, N.H.
Strafford County regularly borrows money to cover its short-term cash needs after it spent two-fifths of its budget on a nursing home, which lost $36 million from 2004 to 2009.
17. Taylor, Mich.
Taylor has a large deficit and is vulnerable due to significant declines in the tax base, limited financial flexibility, and above-average unfunded pension obligations.
18. Vadnais Heights, Minn.
The St. Paul suburb of Vadnais Heights had its debt rating downgraded to junk last fall by Moody's after the city council voted to stop payments to a sports center financed by bonds.
19. Wenatchee, Wash.
Wenatchee defaulted on $42 million in debt associated with the Town Toyota Center, a multipurpose arena, and has ongoing financial issues due to the default.
Special:
20. Woonsocket, R.I.
Woonsocket faces near-term liquidity shortages necessitating an advance in state aid, a high-debt burden and unfunded pension liabilities, with Moody's citing the city's continuing difficulties in making spending cuts because of poor management and imprecise accounting.
20 Cities That May Face Bankruptcy After Detroit
By Stephen Moore | Tuesday, 06 Aug 2013 09:22 PM
Think Motown is the only major U.S. city in a boatload of financial trouble? Think again.
Detroit's bankruptcy filing sent shivers down the spine of municipal bondholders, government employees, and big-city urban residents all over the country.
That's because many of the 61 largest U.S. cities are plagued with the same kinds of retirement legacy costs that sent Detroit into Chapter 9 bankruptcy this summer.
Editor's Note: ‘This Wasn’t an Accident’ — Experts Testify on Financial Meltdown
These cities have amassed $118 billion in unfunded healthcare liabilities. These are legal promises to pay healthcare benefits to municipal workers beyond the employee contributions to finance those funds. This is a giant fiscal sink hole — and because of defined benefit plans, the hole keeps getting deeper.
Detroit may be the largest city in American history to go bankrupt, but it is not alone. The city raced to the financial insolvency finish line before anyone else in its class.
Keep an eye on "too big to fail" cities like Chicago, Philadelphia, and New York.
According to an analysis by the Manhattan Institute, several Chicago pension funds are in worse financial shape than the worker pensions in Detroit. One is only 25 percent funded, and where the other 75 percent of the money will come from is anyone's guess. And there are about a dozen major California cities having systemic problems paying their bills.
Here is my worry list, based on bond ratings and other data, of the top 20 cities to watch for financial troubles in the wake of the Detroit story:
1. Compton, Calif.
Compton has teetered on the brink of bankruptcy after it accrued a general-fund deficit of more than $40 million by borrowing from other funds, depleting what had been a $22 million reserve.
2. East Greenbush, N.Y.
A New York state audit concluded that years of fiscal mismanagement — including questionable employment contracts and illegal payments to town officials — left East Greenbush more than $2 million in debt.
3. Fresno, Calif.
Fresno had the ratings of its lease-revenue bonds downgraded to junk-level by Moody's, which also downgraded its convention center and pension obligation bonds due to the city's "exceedingly weak financial position."
4. Gulf County, Fla.
Fitch Ratings warned that Gulf County's predominately rural economy is "narrowly focused," with income levels one-quarter below national averages and economic indicators for the county also comparing unfavorably to national averages.
5. Harrisburg, Pa.
Harrisburg is at least $345 million in debt, thanks largely to municipal bonds it guaranteed in order to finance upgrades to its problematic waste-to-energy trash incinerator.
6. Irvington, N.J.
Irvington has a violent crime rate six times higher than New Jersey's average, with Moody's citing "wealth indicators below state and national averages and tax-base and population declines due to increased tax appeals and foreclosures."
7. Jefferson County, Ala.
Jefferson County, home to the city of Birmingham, has been dealing with the collapse of refinancing for a sewer bond. It filed for bankruptcy protection in 2011 over a $3.14 billion sewer bond debt.
8. Menasha, Wis.
Menasha defaulted on bonds in 2007 it had issued to fund a steam plant which has since closed and left the city permanently in the red and, as of 2011, had $16 million in general fund revenue, but had $43.4 million in outstanding debt.
9. Newburgh, N.Y.
Newburgh was cited by Moody's for "tax base erosion and a weak socioeconomic profile," with 26 percent of its population below the poverty line and its school district facing a $2 million budget gap.
10. Oakland, Calif.
Oakland is trying to get out of a Goldman Sachs-brokered interest rate swap that is costing it $4 million a year. According to a recent city audit, Oakland has lost $250 million from a 1997 pension obligation bond sale and subsequent investment strategy.
11. Philadelphia School District, Pa.
Philadelphia's school district, the nation's eighth-largest, faces a $304 million deficit in its $2.35 billion budget, and is seeking $133 million from labor-contract savings to prevent further cutbacks.
12. Pontiac, Mich.
Pontiac, where the emergency manager has restructured the city's finances, was downgraded by Moody's, reflecting the city's history of fiscal distress and narrow liquidity.
13. Providence, R.I.
Providence, rumored to be filing for bankruptcy for more than a year, experienced consecutive deficits through fiscal 2012, has a high-debt burden and significant unfunded pension liabilities, as well as high unemployment and low income levels.
14. Riverdale, Ill.
The credit rating for Riverdale is under review by Moody's because the city has not released an audit of interim or unaudited data for the year that ended April 30, 2012.
15. Salem, N.J.
Salem is under close fiscal supervision after it issued bonds to finance the construction of the Finlaw State Office Building, which was delayed by construction issues, and its leasing revenues are not enough to cover the debt payments and the maintenance fees.
16. Strafford County, N.H.
Strafford County regularly borrows money to cover its short-term cash needs after it spent two-fifths of its budget on a nursing home, which lost $36 million from 2004 to 2009.
17. Taylor, Mich.
Taylor has a large deficit and is vulnerable due to significant declines in the tax base, limited financial flexibility, and above-average unfunded pension obligations.
18. Vadnais Heights, Minn.
The St. Paul suburb of Vadnais Heights had its debt rating downgraded to junk last fall by Moody's after the city council voted to stop payments to a sports center financed by bonds.
19. Wenatchee, Wash.
Wenatchee defaulted on $42 million in debt associated with the Town Toyota Center, a multipurpose arena, and has ongoing financial issues due to the default.
Special:
20. Woonsocket, R.I.
Woonsocket faces near-term liquidity shortages necessitating an advance in state aid, a high-debt burden and unfunded pension liabilities, with Moody's citing the city's continuing difficulties in making spending cuts because of poor management and imprecise accounting.
20 Cities That May Face Bankruptcy After Detroit
nuhuh
Gold Member
Yes, I watched them until the Senate came out with their vindication and then I realized the rest was just political theater.
TyroneSlothrop
Diamond Member
- Banned
- #194
bedowin62
Gold Member
- Feb 6, 2014
- 17,997
- 2,037
- 280
- Thread starter
- #195
States with the most people on food stamps - USA Today
USA TODAY Latest World and US News - USATODAY.com/.../cheat-sheet-states-with-most-food-stamps/21877399
Jan 17, 2015 · States with the highest number of food stamp ... on food stamps: 7. Louisiana • Number of food ... District of Columbia • Number of food ...
USA TODAY Latest World and US News - USATODAY.com/.../cheat-sheet-states-with-most-food-stamps/21877399
Jan 17, 2015 · States with the highest number of food stamp ... on food stamps: 7. Louisiana • Number of food ... District of Columbia • Number of food ...
TyroneSlothrop
Diamond Member
- Banned
- #196
TyroneSlothrop
Diamond Member
- Banned
- #197
nuhuh
Gold Member
keep making my OP point for me dummies!!
You've made no point. You just show the effects of presidents who cannot balance their budgets and spent until the economy was nearly destroyed.
DrDoomNGloom
Gold Member
Pensions and Politics Fuel Crisis in Illinois
By MONICA DAVEY and MARY WILLIAMS WALSHMAY 25, 2015
Photo
Gov. Bruce Rauner, a Republican who ran on cutting costs, is at odds with Democrats who control the legislature. Credit Antonio Perez/Chicago Tribune, via Associated Press
CHICAGO — Illinois is facing one of the worst fiscal crises of any state in recent decades, largely because it has mismanaged its pension system.
The shortfalls could potentially mean sharply higher taxes and cuts in spending. And even though the state’s highest court just this month threw out a landmark plan to cut worker and retiree benefits, some lawmakers say they may have to find another way to make those reductions as well.
Illinois’s problems resonate well beyond its borders. Pennsylvania, New Jersey and Kentucky are among the states confronting similar problems, and to them, Illinois is a model of what can go wrong — with political intransigence, mounting costs and a complicated legal terrain.
So elected officials, union leaders, investors, fiscal hawks and even bankruptcy lawyers across the country are watching Illinois closely to see how it addresses the crisis. In Washington, some Republicans have even raised pointed concerns that President Obama’s home state might someday seek federal help.
Photo
Mayor Rahm Emanuel of Chicago, left, taking the oath of office from Chief Judge Timothy C. Evans of the Circuit Court of Cook County on May 18. A pension overhaul proposed by Mr. Emanuel is being challenged in court. Credit Charles Rex Arbogast/Associated Press
The state faces a range of problems. Illinois has one of the worst-funded pension systems in the nation. Chicago also has a pension crisis, leading Moody’s Investors Service to downgrade its credit rating to junk status on May 12, potentially threatening the city’s ability to borrow.
And the state faces an expected budget deficit of $6 billion, which it needs to address quickly. With just days before a legislative deadline, the new Republican governor, who ran on cutting costs and holding down taxes, is at odds with Democrats who hold a veto-proof supermajority in the legislature.
“Really, it’s not a clear road map at this point,” the governor, Bruce Rauner, said of solving the pension crisis.
“We have to make big decisions,” Mr. Rauner told reporters. “The state is in dire financial straits. Chicago is in big, big challenges. And everybody’s a little bit on edge.”
http://www.nytimes.com/2015/05/26/us/politics/illinois-pension-crisis.html
By MONICA DAVEY and MARY WILLIAMS WALSHMAY 25, 2015
Photo
Gov. Bruce Rauner, a Republican who ran on cutting costs, is at odds with Democrats who control the legislature. Credit Antonio Perez/Chicago Tribune, via Associated Press
CHICAGO — Illinois is facing one of the worst fiscal crises of any state in recent decades, largely because it has mismanaged its pension system.
The shortfalls could potentially mean sharply higher taxes and cuts in spending. And even though the state’s highest court just this month threw out a landmark plan to cut worker and retiree benefits, some lawmakers say they may have to find another way to make those reductions as well.
Illinois’s problems resonate well beyond its borders. Pennsylvania, New Jersey and Kentucky are among the states confronting similar problems, and to them, Illinois is a model of what can go wrong — with political intransigence, mounting costs and a complicated legal terrain.
So elected officials, union leaders, investors, fiscal hawks and even bankruptcy lawyers across the country are watching Illinois closely to see how it addresses the crisis. In Washington, some Republicans have even raised pointed concerns that President Obama’s home state might someday seek federal help.
Photo
Mayor Rahm Emanuel of Chicago, left, taking the oath of office from Chief Judge Timothy C. Evans of the Circuit Court of Cook County on May 18. A pension overhaul proposed by Mr. Emanuel is being challenged in court. Credit Charles Rex Arbogast/Associated Press
The state faces a range of problems. Illinois has one of the worst-funded pension systems in the nation. Chicago also has a pension crisis, leading Moody’s Investors Service to downgrade its credit rating to junk status on May 12, potentially threatening the city’s ability to borrow.
And the state faces an expected budget deficit of $6 billion, which it needs to address quickly. With just days before a legislative deadline, the new Republican governor, who ran on cutting costs and holding down taxes, is at odds with Democrats who hold a veto-proof supermajority in the legislature.
“Really, it’s not a clear road map at this point,” the governor, Bruce Rauner, said of solving the pension crisis.
“We have to make big decisions,” Mr. Rauner told reporters. “The state is in dire financial straits. Chicago is in big, big challenges. And everybody’s a little bit on edge.”
http://www.nytimes.com/2015/05/26/us/politics/illinois-pension-crisis.html
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