Bleeding Jobs
This is NOT the sign of a healthy economy - not here in Illinois and certainly not the country:
- President Barack Obama's home state, which has been governed by Democrats throughout his national political career, has slipped in the rankings and now has the third-worst unemployment rate in the nation. Though the jobless rate was the same in December 2013 (8.6%) as in December 2012, the state's labor force declined by a staggering 80,000 workers, according to Michael Lucci of the Illinois Policy Institute.
Across the same period, the national unemployment rate fell by 1.3%--though that, too, was partly driven by an exodus of workers from the labor force, albeit less dramatic than in Illinois. Lucci observes: 'The state now suffers from its worst labor force participation rate since June 1978. It has been nearly 36 years since such a small percent of the working-age population in Illinois found it worthwhile to search for work."
In terms of policy, Illinois represents utopia, at least in Obama's imagination: high taxes, high regulation, high levels of (mandatory) union membership, and one-party rule. Yet the state is a financial failure and remains in economic free-fall, as hundreds of thousands of residents leave the state (often for more conservative, growth-friendly states). A recent pension reform bill will have only modest effects on the state's unfunded liabilities.
"...modest effects...?" How about "next-to-no effects."
Many smaller communities have entered bankruptcy recently. Detroit is the largest city so far forced to explore that option. Could Illinois be the first state to careen into insolvency? Or will California beat us to the punch?
Labels: money questions
posted by SCC at 12:04 AM
43 Comments:
Rahm plans to borrow $1.9 billion too. Democrats are great, aren't they?!
http://www.suntimes.com/m/25360629-773/city-to-borrow-19-billion-in-first-test-since-rating-downgrade.html
UNION MEMBERSHIP OR PENSIONS ARE NOT THE PROBLEM IN ILLINOIS!!the problem is all the crony contracts and deflection of money to political allies and pet projects under secrecy and masking!
Not a fan of the Trib so I am kind of surprised they would publish this doomsday scenario. Not a bunch of what ifs, but some facts...
"Editorial: Chicago is on the road to Detroit"
but it sure spelled out the coming disaster. There is not one single effort to stop the spending frenzy. Two points about the $900M additional debt in the editorial says it all;
Most of the questions from aldermen centered on whether the financial firms executing the deals are employing enough minorities. "These transactions are the largest opportunities for people to make money off the government, and so we want to make sure everybody is included," said Ald. Walter Burnett, 27th. "It's a lot of money. It's enough for everybody."
and...
"Oh, and there's our favorite passage from the Tribune news report on Lois Scott, City Hall's chief financial officer, placating the Finance Committee: Scott was quick to point out that the bonds would fund the roughly $1.3 million in "menu money" provided annually to each alderman. The program allows aldermen to launch projects in their wards, including street repaving, sidewalk reconstruction and other minor improvements."
...and to summarize better then I can the Trib concluded...
So when your children and your employer leave Chicago — one for the suburbs or Denver, the other for Indiana or Florida — remember this moment: Early in 2014, City Hall yet again took on expensive, long-term debt so your alderman could take credit, reward cronies and cut ribbons at construction sites.
...since its for the children ask them to turn out the lights.
None of this is happening by accident. It is all planned. In order to have the New America, the Old American must be destroyed. Overload the system, create chaos, destroy jobs and opportunity and after everything collapses, rebuild the country as a socialist communist utopia. The Keystone Pipeline is just one small example. Out in California, some of the finest most prolific farms in the world are drying up because the feds will not release irrigation water, all because of a minnow, another example. In the Midwest millions of tons of corn are grown and turned into alcohol to cheapen gasoline instead of being used and/or exported for food. Millions of acres of public lands are being put off limits for oil, gas or mineral exploration and extraction. These are just examples and none are by accident. Meanwhile our southern borders are wide open and we are being invaded millions of hungry Mexicans and Central Americans. All of them willing to work for almost nothing, or take advantage of welfare. None of it by accident.
When you vote for socialists what do you expect?
Business is bad? Fuck you, pay me. Oh, you had a fire? Fuck you, pay me. Place got hit by lightning huh? Fuck you, pay me." And then finally, when there’s nothing left, when you can’t borrow another buck from the bank or buy another case of booze. You bust the joint out. You light a match”.
...get the matches out.
When the states money is low, will one useless welfare mutts link card be filled before a retired state workers bank account ?
Soon it will be just the shit heads left. Then who will support them?
"...modest effects...?" How about "next-to-no effects."
------------------
Do you support pension reform (gutting)? I think the billions they're saving over years is significant. You don't? Should they cut more to have some real effects? Why don't we just give them our pensions?
California, due to reconqista.
There have been for some time, towns north of the border flying the colors of Mexico over their city hall.
Up until now all the bad news about the economy BHO has managed to blame on Bush. When does it become HIS economy?
oh there are jobs out there if the lazy people would get off there ass some will argue. why i just passed a radio shack today with a 'we're hiring -- apply inside' sign in the window.
/sarcasm
funny thing tho.
it's about the one year anniversary of radio shack closing 500 stores and how are they celebrating...why they are closing another 500 stores...now why would they be hiring,
also saw a hiring sign in the window of a local small supermarket chain and though hey..maybe the economy is actually turning around. see we assume that they are looking for full time people and that you get a living wage and benefits. hahaha.
as it turns out they are hiring because they are cutting hours and benefits of the current full-time workers to avoid the obamacare laws
so it's not just that we are bleeding jobs. you have to get rid of that age old definition in your head of what a job is today. the word conjures up images of opportunity, self respect, contributing to society and being self supporting and not dependent on the system. most of today's jobs are nothing of the sort.
this leadership has put more people on the food stamp program they they've created jobs for.
consider this.
when the agencies publish reports on jobs it's always the non-farm payroll numbers that get touted.
california, a major producer of america's fruits and vegetables currently has at least 17 communities in a stage-3 drought. nasa recently published a photo comparing the non-existent snow pack in the rockies this year vs. last -- which is the west coast primary source of water.
what will all the illegal immigrants that come to work here in the fields do.
some of these communities are claiming they have only 120 days of water left.
meanwhile...
US Cattle Herd Shrinking to 63-Year Low Means Record Beef Cost
Bloomberg-Jan 30, 2014
The cattle herd in the U.S., the world's largest beef producer, probably fell to the smallest in 63 years, a Bloomberg survey showed. More than .
--
yep.. non-farm payroll numbers -- what about the farm payrolls -- what about the food shortages that will increase prices and suck yet even more disposable income and savings out of the economy.
Anonymous said...
"...modest effects...?" How about "next-to-no effects."
------------------
Do you support pension reform (gutting)? I think the billions they're saving over years is significant. You don't? Should they cut more to have some real effects? Why don't we just give them our pensions?
2/05/2014 01:09:00 AM
you did read the article posted here a few days ago where their predictions of $160 billion in savings is already down to $145 billion without one change taking effect?
I'll bet it goes down another $45 billion before next year. Smoke and mirrors.
>>>> 2/05/2014 12:42:00 AM --- "Business is bad? Fuck you, pay me. Oh, you had a fire? Fuck you, pay me. Place got hit by lightning huh? Fuck you, pay me." <<<<
'As far back as I can remember, I always wanted to be a gangster.'
:-)
Detroit,LA,Chicago
WOW - you just figuring this stuff out now? Jobs have been bleeding out of Illinois for years. Add to that, more employers like Motorola, State Farm, Sears, and so many others are adding on H-1B Visa workers (skilled workers who work cheap) onto their payrolls. See if you can even find an engineer at Motorola in Schaumburg who is a US citizen.
Highly skilled, technical people in Illinois are looking for jobs that pay 25-30% of what they were making at big companies. People who were making $80-$120K are lucky if they are making $40K today. The economy is THAT bad.
WAKE UP - the well has run dry. If these people - who have degrees, advanced degrees and technical certifications, can't find good-paying jobs, they cannot pay bloated taxes on properties and payrolls. If you think because you're city employee that you are somehow shielded from this downslide of the economy - guess again.
The "Constitution" guarantees your pensions?? Not when the state is bankrupt - AND IT IS. Look to Detroit to see the future and of course, keep voting Democrat.
We are doomed as a nation. The liberal-progressives have made sure of that. Does anyone really believe that Hillary will make things better? Yet, she will be elected.
Why don't they count those on Public Aid as unemployed? If you did, the rate would be over 30%.
The cops I work with wouldn't last a day working radio shack
IL is broken, broke, corrupt and the sheeples just keep reelecting the same jerks. So nothing will change.
Anonymous said...
"...modest effects...?" How about "next-to-no effects."
------------------
Do you support pension reform (gutting)? I think the billions they're saving over years is significant. You don't? Should they cut more to have some real effects? Why don't we just give them our pensions?
2/05/2014 01:09:00 AM
you did read the article posted here a few days ago where their predictions of $160 billion in savings is already down to $145 billion without one change taking effect?
I'll bet it goes down another $45 billion before next year. Smoke and mirrors.
2/05/2014 04:45:00 AM
That's still a lot of dough. Maybe they'll decimate our pensions so you guys who think they haven't gone far enough can sleep at night.
The guys at FOP won't see the cuts to their inflated pension, that the average PO will. Why? Because we make a ton less than these creeps who do zero for us.
Why should an FOP rep retire with a larger pension than a PO when that's their career service rank?
What a sham. It's worse than merit. No wonder them clamber over each other and try to destroy others careers if challenged. This is a gravy promotion not a call to service. Screw the FOP. You all do not deserve a bigger pension than mine.
I am always reminded of Obama's proclamation that he had "experience as a community organizer" in his first run for prezident. That community was Altgeld Gardens.
He did such a good job there. Look at Altgeld now: a paradise in the far south side along I-57.
The only good things to come out of Chicago are the roads out.
Jobs and residents fleeing to business friendly States like Indiana and Wisconsin.
Chicago cannot file for bankruptcy per Illinois law. Yeah, I know, our pensions are protected by the the Illinois Constitution and they are trying to do an end run around that provision but, as it stands now , the city cannot do as Detroit did. As far as the State goes, I don't know that they can't file bankruptcy but my guess would be that Federal laws don't allow such an action.
2/05/2014 12:31:00 AM
Yes, it is the Cloward-Piven strategy that is being employed by the Progressive Democrats to destroy the economy and capitalism and make everyone dependent on government. I wouldn't worry about pensions, folks. I'm much more concerned that we are on the brink of complete economic chaos. Obama would use it, just like Roosevelt in WWII, to stay in the White House for many years to come.
It may already be too late.
Everyone knows Obama has to go it's doesn't take an Einstein to figure that out but meanwhile the destruction of the economy military complex and state security is ignored by almost everyone in power.
States cannot, by law, declare bankruptcy. But, cities can.
This while the State of Illinois buys 20 Chinese made forklifts for the Chicago Division, don't know how many were brought statewide. Shouldn't Illinois government buy forklifts and other equipment made in the USA. Gov. Quinn please explain this!
Do you support pension reform (gutting)? I think the billions they're saving over years is significant. You don't? Should they cut more to have some real effects? Why don't we just give them our pensions?
2/05/2014 01:09:00 AM
Not the poster you are responding to but..
I resent that ANY reform is being cited as necessary. They have mismanaged, swindled, stolen, and underfunded our pensions for years to the point that they now cry that it is unsustainable. It was a sustainable entity if they properly managed it and made the appropriate contributions. Its current state is not the fault of the recipients although they try to make anyone with a pension sound like a leech. People took this job and put up with the city nonsense and being forced to live in this shithole with the promise of a pension at the end of your career. People love to throw in our faces that you knew residency and the other bs was part of the job when we took it, but so was a pension. Not a discounted or reduced pension either. There is already a plan into effect to fund it their responsibilities. Yea, it is a shitty plan for all the taxpayers and property owners but it is there. Use it before taking one penny of what I was promised. A big concern however is that they will do both. How screwed is everyone going to feel when they raise the property taxes and blame it on us, and then ALSO reduce our pensions. That is a pretty bitter pill to expect us to swallow and quite a overall monetary loss. Paying the additional taxes and for less of a pension is like the fake raises that we get while they increase our medical and the overall taxes go up to where it is actually a loss.
Here is a thought, a pension is like a contract between the city and its workers and one that should not be changed (and btw, there is constitutional provisions even prohibiting the changing of them). If they can go back and change this, then why cant they change the horrible contracts that daley made first before thinking about welching on pension responsibilities? The parking meters, the skyway, etc. Reforming other government programs such as welfare and government spending should also be considered before totally screwing the workers. That seems to be the first place they should look to. But that is all too idealistic. It is much easier to villainize pensions after you have stolen from them.
Anonymous Anonymous said...
The cops I work with wouldn't last a day working radio shack
2/05/2014 10:27:00 AM
True; we'd die of boredom right there on the floor of the shop.
Radio Shack kicks ASS!
Now, kees me you fool!!!!!
Vive La Revolution
The cops I work with wouldn't last a day working radio shack
..... Welfare of a diff form and cush deal for the clouted
http://www.chicagotribune.com/news/politics/clout/chi-emanuel-seeks-to-borrow-900-million-20140203,0,1659900.story
Shitcago BROKE The next Detroit
Enjoy your Clout This will become a jail where nobody can sell their home
Thanks RhamBOooo and One Party Rule
Anonymous said...
The cops I work with wouldn't last a day working radio shack
2/05/2014 10:27:00 AM
Those who wash out at Radio Shack, and have clout, could always join you at McDonald's.
The worst governor and worst president. It's not a coincidence that both of these buffoons are dumbocrats from IL without one meaningful accomplishment between them.
Not the poster you are responding to but..
I resent that ANY reform is being cited as necessary. They have mismanaged, swindled, stolen, and underfunded our pensions for years to the point that they now cry that it is unsustainable. It was a sustainable entity if they properly managed it and made the appropriate contributions. Its current state is not the fault of the recipients although they try to make anyone with a pension sound like a leech. People took this job and put up with the city nonsense and being forced to live in this shithole with the promise of a pension at the end of your career. People love to throw in our faces that you knew residency and the other bs was part of the job when we took it, but so was a pension. Not a discounted or reduced pension either. There is already a plan into effect to fund it their responsibilities. Yea, it is a shitty plan for all the taxpayers and property owners but it is there. Use it before taking one penny of what I was promised. A big concern however is that they will do both. How screwed is everyone going to feel when they raise the property taxes and blame it on us, and then ALSO reduce our pensions. That is a pretty bitter pill to expect us to swallow and quite a overall monetary loss. Paying the additional taxes and for less of a pension is like the fake raises that we get while they increase our medical and the overall taxes go up to where it is actually a loss.
Here is a thought, a pension is like a contract between the city and its workers and one that should not be changed (and btw, there is constitutional provisions even prohibiting the changing of them). If they can go back and change this, then why cant they change the horrible contracts that daley made first before thinking about welching on pension responsibilities? The parking meters, the skyway, etc. Reforming other government programs such as welfare and government spending should also be considered before totally screwing the workers. That seems to be the first place they should look to. But that is all too idealistic. It is much easier to villainize pensions after you have stolen from them.
2/05/2014 06:43:00 PM
Bravo.
Well said.
I am always reminded of Obama's proclamation that he had "experience as a community organizer" in his first run for prezident. That community was Altgeld Gardens.
He did such a good job there. Look at Altgeld now: a paradise in the far south side along I-57.
The only good things to come out of Chicago are the roads out.
2/05/2014 11:35:00 AM
The gardens aren't along 57...go back to telling your stories in the bars on Milwaukee north side hump
Anonymous said...
States cannot, by law, declare bankruptcy. But, cities can.
2/05/2014 03:38:00 PM
Not in Illinois. Do your homework before you write.
Radio news today -- US has lost 6 million manufacturing jobs between 2000 and today.
"menu money" yes I talked to my sister about this.. we both had a good laugh "menu money"=buy votes.. I am glad I got out of the city 9 years ago in March..now it's out of the state on our next move.. like it's been pointed out a more conservative state.. even moving 40 miles out of Chicago it's like a different world..even the bad parts are better...
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