Sticker Shock
- Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year.
The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters.
Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall's painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413.
That would be the "engineered" fix that Rahm cobbled together after Shortshanks and Rahm conspired to ignore decades worth of reports that said the City should stop spending money it couldn't afford and instead, increase their contributions to the pensions, thereby blaming the people the City had made Contracts with and who had been yelling for decades about the funding inadequacies.
Like that chart shows.
But hey, all those bike lanes and planter boxes and sculptures and college campuses andstadiums and Ferris wheels and exhibition halls aren't going to pay for themselves! Spend spend spend and kick that can down the road.
Labels: money questions
posted by SCC at 12:03 AM
69 Comments:
A pension fund is not something a politician can either point to and say "I built that", or have named after him. These other things are. So, what do you think politicians are going to spend other people's money on?
And Rahm will be reelected in spite of his mismanagement, just as Daley was reelected in spite of his mismanagement.
Hey, Rahm..there are more folks leaving soon who can afford to leave...this is a killing field city with killing field stupidity from headless, knifing politicians who are only out for votes by pandering to idiocy and spending till every last person will be dollar poor....our taxes are going to continue paying for bad schools, poor infrastructure, poor safety, less Police but more bike lanes and Lucas museum type things move forward. All the while, a radically dumb DePaul Basketball Stadium, that we don't want or need, is going forward too. See where it got the Head Priest of DePaul for that brokered decision with Rahm? He must resign. Good!! The Archdiocese is bankrupt. Students of the Private, Catholic School petitioned that rather than spending 70 million dollars that will be paid into this sleazy deal towards the construction by DePaul, with the rest paid for by Taxpayers, that the money could be better spent in giving scholarships or decreasing the enormous tuition currently required...and catch the pay for the Head Priest of DePaul...his salary is over $850,000 per year with 75 percent of it going to the Priest's Religious Order. The nearly 25 per cent goes for, get this, the rest goes for pensions of the Priests. Rahm must be demanded to shrink the spending on luxury items at the middle man's expense. Where oh where are you Media?? This shit must stop. Call your Alderman. Citizens have been stupid too, been taken advantaged of, however they must bare responsibility for most of this cause of giving Politicians the last 35 years the go ahead by voting for them over and over and treating them like little gods...Capeesh
Ah yes, your property tax bills are going up because of the police and fire pensions. Not because of one party rule for nearly a 100 years and waste, fraud and abuse. Blame it on city workers.
So the pension fund is all topped off?
Rahm must have been determined to scrape up every dime to contribute to the pension funds? Didn't he?
Fuck this city
With the Cities credit rating dropping to one step above junk status, taxes will need to be raised as borrowing costs increase. I think that can is getting ready to run out of road.
Why didnt anybody sue city hall over mismanagement?
How much has Rahm "saved" by refusing
to hire; eliminating budgeted Police
Manpower numbers and allowing Police
Manpower to riotously decline through
attrition?
Untold Billions?
Dude Inc. owes Rahm a debt of gratitude.
The one thing keeping Dude Inc. in check
and away from safe, tax paying, working
neighborhoods was what now?
>Crickets<
"We're gonna stick it in the Cops ear..."
Said the shit-assed, maladjusted sissy weasel
as he twitched, jerked and spasmed across
the tarmac at ORD from that D.C. charter
enroute to famously claim the "Wedding
Dress Under the Basement Stairs."
Everything Rahm is doing is predicated
on his disbelief/incredulity that public
safety in Chicago actually consumes
half of the municipal budget...
For someone so allegedly smart and savvy
by virtue of "working" for the tragically tone-
deaf, insecurity riddled, educated fool in the
White House, Rahm Emanuel committed an
astounding error in judgement.
His political war-gamers and focus groups
concluded that stripping operational funding,
putting a brick on pay and helping their allies
on Wall St. engineer the busting-out of
Police Pensions (happening nation-wide)
would be a good way for them to cover-up
the stinking thievery of shortshanks until
the statute of limitations expires.
The fear is that if Crime King Shorty ever
ends up in federal custody, many of the
North Shore/Gold Coast, LaSalle St. and
Wall St. players will end up on a live
video feed being shown rotting alive
in their federal prison cells.
Much political capital is being burned
to separate The Police from the public
good will.
Rahm considers that capital to be a
sound investment in protecting HIS
future... After all... None of it is HIS
money anyways.
Meanwhile, you "Silent Majority"
who keep lying about how you
support The Police, continue to
tolerate Rahm peeling more and
more of your Police Presence
from you and lavishly slathering it
upon the chronic non-contributors...
When they're not indulging in
their native ritualized urban slaughter
and mayhem because they hate
themselves and bear a grudge
against society for "not caring enough,"
they're fleeing their way over-Policed
breeding grounds to go HUNT YOU
WHERE YOU LIVE!!!
Heh...
The Wild M/Fing Kingdom has evolved.
It walks upright and is eye-fucking you
soft, people who never-in-your-lives
had to go eyeball-to-eyeball with the
deeply ugly shit that is percolating
out of the ground in this town.
"If only you Cops were nicer and friendlier!
Why are you Chicago Cops so angry, bitter,
hostile and mean anyways?"
Don't you worry...
Rahm has made sure that the "Pissed because
it isn't 1960 anymore Cops" are scarce compared
to the Dude Inc. scouting parties infiltrating your
no-longer-safe neighborhoods.
The Policeman didn't break it.
It's beyond The Policeman to fix.
Everyone always seems to forget that the city has made its required contributions every year and that the real fix over the long haul would have been to increase the contributions of the membership for 9 percent to at least 12 percent. Had both contributions been increased in the 90's this would not be a crisis.
Rahm comes from a large group of people in the city and state who think government should develop the city and state. So they take other peoples money (yours/mine) to make bicycle riding paths in Calumet, planter boxes in the street and so on. They have the money to fund your pensions, they always did. They have enough money to fund CPS. The issue is how they spend it and that folks is the problem.
It will cost me more to stay in my pretty loft. I'm not happy about that but I can't go to many neighborhoods where the vast majority of men are just like me.
Now, kees me you fool!!!!
Just report your house as a 1 bed, 1 bath, frame. They never check, anyway.
Before everyone starts bitching the money is going to our pensions. The 2 for 1 payments, our 9% and the city's 18% have not been enough money for decades.
Yes it hurts because most of us also pay to send our kids to private schools. The CPS other than three or four selected enrolment high schools is both dangerous and useless along with their CTU. That's the part of my property tax that galls me the most.
you left out bike park near Calumet
Bernie Madoff bilked his customers out of millions of dollars and he went to prison. Daley, Madigan and the rest of the slugs from the SW side bilked the citizens of Chicago out of BILLIONS of dollars and they walk around with pockets full of cash and thumb their noses at the citizens. ♠️
The pols have pissed away billions💰. They spent while we complained. They were told by their own actuaries about this problem. The media watchdogs were sleeping.
Why is this money sitting in Chicago treasurer account and not deposited in police pension fund? Rahm says he is building many new schools but has no money is he taking our promised pension money to do this? Call the pension board and union I did the squeaky wheel gets the grease they say! Look at black lies matter crew thugs all the attention and cash they get!
The SIG MCX is most certainly an AR platform rifle. Its loaded with upgrades and retails well over a grand. I would like to have one.
Point is we are supposed to be a little more well versed in firearms use and identification that some lefty journalism student is. We are the authority.
The poster should amend his statement.
And tenants need to brace themselves for rent increases that are surely coming as well.
My prediction is that ALL landlords are going to be raising rents based on the thinking that 1) landlords just want to maintain their margins, 2) their competitor landlord next door, across town, and all over the city is going to be doing the same thing too, so the tenants can not move to avoid this, 3) a lot of the tenants are liberal Democrats who voted for Rahm, so if the tenants want big government solutions, let's let them pay for it.
I think the green zone neighborhoods are going to get hit a hellava lot harder than 13%. We'll all find out on July 1st.
Call the next case. Not a cop.
REMEMBER:This increase was for the police and fire pensions. Let's see how true that turns out to be.
those cheap next to nothing, property taxes r a steal of a deal for the uber-privelege of living in the utopian social fascist (aka alinskyite democrat) paradise of the Conquered City of Chicongo...best danged climate south of the sahara also !!!
If you're wondering were this money went drive around Bridgeport and look at these McMansions Tony Cannoli erected with all the contract work he received. Hey, I got's a Guy, who has a Guy, that needs a Guy, I'm just sayn.
Higher property taxes + no VRI = abandoned Catholic schools.
Rahm's an expert at kicking the can down the road.
Moody's keeps dropping the city's credit rating because of his constant can kicking yet Rahm seems incredulous at Moody's actions.
I guess when Rahm has his Rahmenomics glasses on he sees kicking the pension can down the road as the right thing to do for taxpayers.
What an ignorant stroke Rahm is.
Poor babies. The tax bill on my $60,000 Calumet City house is $6,000 a year. Water is extra. Want to trade?
This blatant mismanagement is criminal. This isn't a few grand or just one crooked city contract. When will a corrupt chicago politician be held responsible for their political actions?!
A question for a lawyer. Could the city be successfully sued in regards to not making pension payments. Not by a person expected to collect but rather as a citizen that was taxed with a tax formula that included pension contributions that were never made? Would this be a breach or violation of tax code, with the average joe as the complaint?
Meanwhile in the 36th Ward Street and Sanitation's left hand doesn't know what it's right hand is doing. Some genius there decided it is a good idea to schedule street sweeping on garbage pickup day. The blocks without alleys have to bring their trash cans to the street, creating obstacles for the street sweeper. My taxes will be going up by 13% but I can't get my street properly swept?
Normally I agree with your postings but today I think you're full is shit. I enjoy seeing Rahm embarrassed as anyone but why not tell as Paul Harvey used to say, "the rest of the story"
According to the Tribune, a home in Chicago assessed at $225,000 faces a tax bill of around $3,600. About a $400 increase. A south suburban home valued at $163,00 will see a tax bill of $4,800. A north suburban home valued at $262,000 will face a tax bill of almost $6,700. Granted the value is a little higher north but the tax is nearly doubled. holes like Robbins pay more taxes than we do in the City.
A homeowner in Mt. Greenwood or West Beverly is facing tax bills in the $3,500-$4,500 range. Cross 103rd St. or Pulaski into Oak Lawn or Evergreen Park and a lot tax bills are nearly doubled. As a retiree and homeowner I think it's about time that we face the fact that if we want services, pensions and other things we expect the City to provide we are going to have to pay for it. The base tax rates for the City properties are still lower than anywhere in the Metropolitan area.
I know like most retirees we never utilized the public school system. Today however public schools on the southwest side are bursting at the seams. Unless you want see the Ag School, public high school is not an option.
Just quoting numbers from today's Tribune. Looks like the same numbers you used but told a little more of the story.
Financial Fraud Whiz Kid and Reformer Rahm, doesn't have an MBA and never was in any capacity to reform.
He's made many stoolies rich by diverting city funds in small time capital investment llc's.
Rahmweasel has carte blanche with the real city books. And nobody will challenge that.
He lies about everything. Soulless when it comes to the average working stiff. Handouts for every deadbeat and special interest.
Rahms Economic Engine, Daley-Ohare Airport just landed $350 mil (FAA) for another new runway, the rest of the $1.3 Billion, (BILLION) will come from taxpayers, airlines & fees.
The Taxpayers have no investment in this spending. The City takes the money, pays Walsh, pads the invoicing and the First Responders get the blame for high taxation. Many of us on the NW /SW side won't see growth in real estate values, just tax increases.
Daley-Rahm brought the airport into the city as east as the lake all the way into Ohare and even into Midway.
The Airports, funded by taxpayers, should be paying annual dividends to the homeowners, just like the gambling, oil and gas industries.
they should look into how the tax payers were screw on the navy pier deal. they sold it to a connected few and pay no money to the city.
Residency now. The city has no leg to stand on ...fop sue the city , state over residency and win easily.
Chicago only has a debt bond rating two rungs above Rwanda. Yes, the war-torn, disease-stricken, genocide-ravaged third world sub-Saharan nation.
Thanks, Daley, Rahm, Aldercreatures, et. al.
I am purchasing my first home in Chicago and already cannot wait to put the For Sale sign up.
The State told the city to payup for the pensions 5 years ago or grant money would be withheld, but the swindler kept ducking and dodging and and Bullshitting instead of paying the fucking tab. This tax thing could have been done 5 years ago and the bite would not have been as bad. But not with this idiot, throw money at this and that trying to appease the same old do nothings who hang on to the taxpayer to be their daddy.
The city leadership even pissed away the money you contributed to your pension. Isn't that a theft?
This little prick Rahm just keeps spending and spending.. homeowners should start picketing all trade shows and Taste of Chicago. Rally everywhere Rahm goes. Follow him to every social event, embarrass his ignoran Ass if that is possible. The worst Mayor besides Richie.
While David Orr states that a homeowner with a house valued at $225,000 will pay only $410 more, what he does not dare to mention, is that owners of commercial properties, office buildings, industrial building will pay tremendously more. While the residential taxpayer may not give a damn about these owners, they represent employment and when employment and real estate costs escalate, they look to relocate. Or else, they hire Mike Madigan or Ed Burke to reduce their assessment's by twisting the arm's of their puppet Joe Berrios and the game then starts all over again.
Don't blame the police! the elected have been using this as their private piggy bank making huge withdrawals year after year of course they get a cut! Funny was watching the expunged arm robber walter burnett now alderthief of the ward where McDonald's is relocating there headquarters he said "I may even get a franchise!" Sure alderman you can afford the millions to open it, or are you using your old felony tactics to strong arm them for a free franchise you know like jesse jackson did with budweiser?
Whats the payoff walter just a franchise?
The pension money is not deposited called the pension board they are ready to go to court first thing in 2017 to go after the "rahm crew" if the money is not in our fund as required by law! But then again rahm was with the clintions and we know the lawlessness in play there! It is our money the people at the pension baord are informative call them 312-744-3891!
The problem is you Cops thinking you can continue to get away with
just working 20 to 30 years and getting a 50% to 75% pension at age
55 while everybody else has had their pensions stolen or drastically
reduced.
You might as well get in line for your bad haircuts just like
everybody else.
Take your cuts like men and give back some money to the city.
The public gives a rat's ass.
You guys knew this was going to happen when you signed up.
Rahm Emanuel is trying to pass legislation guaranteeing you
Coppers at least 1.5 times the Federal Poverty level and
you still complain.
>Sarcasm<
The North Shore Sissy-Weasel chases it's own asshole
in an ever tightening spiral of Fuckery...
"GRRR!"
>Snap! Bite!<
Will he catch it?
Or will it consume him head first?
>FLASH!<
"Poof!"
Inconvenient Fact:
1.5 times the 2016 Federal
Poverty Level for a single individual:
$17,820
Household of two:
$24.030
Household of four:
$36.450
This one's for YOU Rahm!
Household of five:
$42.660
That only covers one year of U of C
Lab School tuition & expenses for one kid.
Right Rahm?
You stinking, corrupt little weasel.
Rahm is no doubt on his bald and naked knees
thanking the deities of Fuckery & Filthy Lucre
that he was able to backdoor his way into an
$18 Million nest-egg while at Wasserstein Perella & Co.
and serving on the board at Freddie Mac...
Because he's the smartest m/fer in whatever room
he deigns to stand in?
"I earned every penny of my "compensation" so
piss-off you churls..."
GTFOH!
Lets try our best to insure Rahm is right there
at the "Poverty Level" he proposes is good enough
for retired policemen and their families.
The city has not been making its contribution to the pension fund for years. Blame Daley and all his cronies started the pension mess. Rahm was handed it to him but he doesn't want to pay up because it doesn't benefit him or his friends.
"Robbing Peter to pay Paul"
We will ALL get a pension when we retire....Lmao!
Ok so the pension will be fully funded now? Never trust these snake politicians. How's their pension fund?
Anonymous Anonymous said...
Everyone always seems to forget that the city has made its required contributions every year and that the real fix over the long haul would have been to increase the contributions of the membership for 9 percent to at least 12 percent. Had both contributions been increased in the 90's this would not be a crisis.
6/14/2016 05:55:00 AM
Why stop at 12% asshole? How, about 50% of our checks? Get the fuck out of here with your bullshit. I'll make the city a deal. I'll give up my pension right now. All they have to do is give me all my contributions back with compound interest equivalent to what the S&P 500 has returned since I came on the job and I'll walk away from that pension right now. Ofcourse they're going to have to cough up about a half million dollars but then they don't have to worry about paying me my generous pension that I was forced into by the city when I accepted this shitty job.
That tax raise is also for the public schools, why did the media forget to print that?
Of course they're going to have to cough up about a half million dollars but then they don't have to worry about paying me my generous pension that I was forced into by the city when I accepted this shitty job.
6/14/2016 02:43:00 PM
So YOU'RE the guy I saw with a gun to his head all the way through the Academy! I felt so bad for you being forced to take this job. I'll bet you are one of those real "go getters".
And to the poster that said the North Siders pay a little more but it's still a bargain, uh, no. We pay taxes as high as the best suburbs. For all that dough our streets never get swept, our schools are under funded and our police are all sent to the neighborhoods that don't pay their "fair share".
Our Mayor has built two schools up here for the illegals to pander for their votes. The census doesn't justify the school, but the pandering Democrats will put them up for the votes.
We get to be unhappy. I just wish the nitwits would wake up and vote them out.
OK. So we've got the blame game all figured out. So what? Changes nothing, keep voting for the status quo and it's going to get worse, much worse.
well.... someone has to pay for the non working always voting useless P.O.S.
Yeah, this leads to that situation where you might scrape a down payment together but can't afford the utilities and repairs and taxes and "fees" and so forth, or increasing condo assessments. I know a lot of older people who lost the family house because they could not afford to keep it up to suit the neighbors. Nobody should be able to buy a whole house for a few bucks in back taxes, and these vultures are always waiting.
No one really owns anything. You just rent from the government.
Last one out of the city turn out the lights
"While David Orr states that a homeowner with a house valued at $225,000 will pay only $410 more, what he does not dare to mention, is that owners of commercial properties, office buildings, industrial building will pay tremendously more."
6/14/2016 12:48:00 PM
They keep hitting on this hallucination of the vanishing "middle class" nuclear family -- Mom, Dad, two kids in a house. Reality is more like one elderly person struggling to get along, next to a houseful of 17 people -- none of whom have the same last name -- with a food cart in the front yard and an all-night muffler shop roaring and chipping away in the garage. Low-cost Internet because "kids eligible for school lunch program," old guy next door pays full boat.
Renters just don't exist, but they sure pay. Last time I checked, when I was in a 10-flat, we were paying $600/month rent and close to $150 of that was property tax.
OT --
Boy, has Pfleger been quiet lately!
Someone finally whack him across the knuckles with a ruler and tell him to keep his desk lined up with the tiles?
"The tax bill on my $60,000 Calumet City house is $6,000 a year. Water is extra. Want to trade?"
6/14/2016 09:35:00 AM
Saw one tiny place in Franklin Park -- you walked in the front door and were almost out the back door. Folks told me $7,000/year tax. A lot of the machine shops are closing down, the busy Mexican grocery on the main drag couldn't make it and shut down -- I was really surprised -- and the "Phase II" of those expensive condos they built on the cheap, noisy lot right next to the railroad tracks never even got started. Probably "Phase I" is at least half-empty, and I didn't see any new stores in the retail spaces on the ground floor either the last time I was there.
...but you should see the elaborate new "Public Safety Complex" they built themselves. Had money for that.
The once wealthy middle classes now forced to rummage through bins for food: Business owners and pensioners facing STARVATION as Venezuela's economy freefalls
* Previously high standard of living among the country's middle class seriously affected by food shortages
* Increasing numbers of families unable to eat three meals a day - fruit and vegetables now a luxury for many
* Those fortunate enough to live near the border able to shop for basic necessities in neighbouring Colombia
http://www.dailymail.co.uk/news/article-3631570/The-wealthy-middle-classes-forced-rummage-bins-food-Business-owners-pensioners-facing-STARVATION-Venezuela-s-economy-freefalls.html
'We want food!' Looting and riots rock Venezuela daily
"CARACAS, June 12 (Reuters) - A young woman faints in the heat as hundreds fight for pasta, screaming they are hungry. Slum-dwellers and armed gangs wait for nightfall to hijack food trucks or ransack stores. A mother is shot dead fleeing police after hundreds storm warehouses.
"Food riots and violent looting have become a daily occurrence across scarcity-struck Venezuela and a major problem for the struggling leftist government of President Nicolas Maduro.
"Despite hours in lines, Venezuelans increasingly find that coveted supplies of subsidized flour and rice run out before they can buy them. Many are skipping meals, getting by on mangoes stripped from trees - or taking matters into their own hands.
"On a recent morning in the rundown, garbage-strewn Caracas district of El Valle, some 200 people pushed up against police guarding a supermarket as they chanted, "We want food!" and "Loot it!" A few at the front were allowed in for two bags of pasta each.
"One young woman fainted in the heat, an elderly lady cried uncontrollably on the sidewalk..."
http://www.dailymail.co.uk/wires/reuters/article-3637584/We-want-food-Looting-riots-rock-Venezuela-daily.html
Anonymous said...
Everyone always seems to forget that the city has made its required contributions every year and that the real fix over the long haul would have been to increase the contributions of the membership for 9 percent to at least 12 percent. Had both contributions been increased in the 90's this would not be a crisis.
6/14/2016 05:55:00 AM
It's true, the city made every payment.
This is phenomenal "McCarthy blasts rahm over termination letter he didn't have the balls to sign it himself":
http://www.fox32chicago.com/news/local/159317749-story
Yes it hurts because most of us also pay to send our kids to private schools. The CPS other than three or four selected enrolment high schools is both dangerous and useless along with their CTU. That's the part of my property tax that galls me the most.
Great point. Same for Parochial schools. Let the CPS parents of all the little darlings pack their kids lunches and pay for their education!
What about those without children? Why do they have to pay?
Rahm thinks a large hotel/casino will save Chicago's financial crisis. In Las Vegas the large (2000 room) but old Riviera Casino/Hotel is being torn down to be replaced by additions to the Las Vegas Convention Center. Across the street from the Riv construction on 3 new casino/hotels has stopped on the sight of the old but large Stardust Casino (1600+rooms) which was torn down 8 years ago and not yet replaced. On the same side of Las Vegas Boulevard as the Riv and just a few blocks north is a 50 story building meant to house a new hotel/casino which sits unfinished and empty, as its owners work their way through bankruptcy court. Rham's ideas are old and uninspiring. Gaming machines should be allowed in city restaurants and bars like in the suburbs. It will help the city for a while but will then go the way of the old Stardust and Riviera as Internet gaming is legalized. Think of it. A casino in your cell phone. How ya gonna tax that Rham?
Why stop at 12% asshole? How, about 50% of our checks? Get the fuck out of here with your bullshit. I'll make the city a deal. I'll give up my pension right now. All they have to do is give me all my contributions back with compound interest equivalent to what the S&P 500 has returned since I came on the job and I'll walk away from that pension right now. Ofcourse they're going to have to cough up about a half million dollars but then they don't have to worry about paying me my generous pension that I was forced into by the city when I accepted this shitty job.
I guess you're not planning on living very long or well. How far will that take you.
Anonymous Anonymous said...
Everyone always seems to forget that the city has made its required contributions every year and that the real fix over the long haul would have been to increase the contributions of the membership for 9 percent to at least 12 percent. Had both contributions been increased in the 90's this would not be a crisis.
6/14/2016 05:55:00 AM
Never mind that Donahue forgive the city it's required $20 million payment to the pension fund.
Anonymous said...
Ok so the pension will be fully funded now? Never trust these snake politicians. How's their pension fund?
6/14/2016 02:34:00 PM
*
Right now even worse than ours.
Anonymous Anonymous said...
A question for a lawyer. Could the city be successfully sued in regards to not making pension payments. Not by a person expected to collect but rather as a citizen that was taxed with a tax formula that included pension contributions that were never made? Would this be a breach or violation of tax code, with the average joe as the complaint?
6/14/2016 09:51:00 AM
****************************************************************************************************************************
Since the city made its required contributions every year, this is an obvious loser.
To the Poster that referred to me as an "asshole" for suggesting an increase in pension contributions, if you seriously believe that your contributions, even with, let's say, the average return on stocks of 6% would total a half million dollars, you must need a new calculator. I worked 40 years and have been retired for 15 and have collected right around a million in pension. My pension is at least 25 % more than my salary the last year I worked. In other words, the pension system is well worth saving even if the contributions are increased. You cannot get something for nothing,
My calculator is fine. You better go take a class on compound interest. Not only are you an asshole, you're an idiot too. Oh and the average return of the S&P 500 has been 11% over the last 5 years alone. My offer to the city to walk away from the pension still stands.
I guess you're not planning on living very long or well. How far will that take you.
6/14/2016 11:32:00 PM
Way to think ahead pea brain. If you're still working, saving, and investing your money for say another 15 to 20 or so years, you'll have a lot more than 500k. It boggles the mind how many stupid people there are in this world.
So YOU'RE the guy I saw with a gun to his head all the way through the Academy! I felt so bad for you being forced to take this job. I'll bet you are one of those real "go getters".
No, just a guy with common sense. The city forced us into a pension and now they want to change the rules concerning that pension. Maybe you enjoy eating the city's shit sandwiches but I don't... go getter.
To the Poster that referred to me as an "asshole" for suggesting an increase in pension contributions, if you seriously believe that your contributions, even with, let's say, the average return on stocks of 6% would total a half million dollars, you must need a new calculator. I worked 40 years and have been retired for 15 and have collected right around a million in pension. My pension is at least 25 % more than my salary the last year I worked. In other words, the pension system is well worth saving even if the contributions are increased. You cannot get something for nothing,
6/15/2016 07:27:00 AM
You realize that if you retired 15 years ago, he makes a lot more money than you did which means he contributes a lot more money than you did. He also could be a detective, sergeant, or higher which means more money. He also didn't indicate how much time he has on the job so there's no way for you to know how much he's contributed. Also, if you're only earning 6% on your investments, you're doing it wrong. I think his point was that if the pension is going to be diminished, the rules changed, or go broke, what's the point of contributing even more money to it? Raising taxes so the city can waste more money is pretty much the same thing. I don't mind paying my fair share of taxes, but not if we're going to keep building shit we don't need and the politicians are going to keep stealing and wasting the money. The pensions have been mismanaged for decades and your solution is to have the police pay even more into it than the 9% they're already contributing. How about the city contribute more into it and fix it instead of building a fucking Star Wars museum?
Democracy is a joke when those running are hand picked by the machine that continues to bleed off what little is left of the shitty. Gotta love the liberal mentality (deaf, dumb, and blind). Truth in reporting , to add insult to injury, has been dead for some time as well.
Anonymous said...
My calculator is fine. You better go take a class on compound interest. Not only are you an asshole, you're an idiot too. Oh and the average return of the S&P 500 has been 11% over the last 5 years alone. My offer to the city to walk away from the pension still stands.
6/15/2016 01:07:00 PM
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I really do not want to beat a dead horse, but according to the Merrill Investment Calculator, the rate of return fro Jan. 1, 2000 to Dec. 31. 2015 has been 5.78%, annualized to 4.02%. A 2000 dollar is now worth $1.81. I also have to wonder just how far you think that half million would take you with no other income.
To the other guy that talked about the difference in salary over the past 15 years, I would say that right now top pay for a P.O. is just under a hundred thousand, which translates to about a $9,000 contribution this year. No other year could be higher. Although he may be at a higher rank it still isn't going to amount to enough to sustain you for more than a few years. I repeat: As long as they do not totally fuck it up, the pension is the best deal around.
If the individual contribution is increased, the city's contribution is automatically raised. It is always twice the total of individual contributions.. The pension got in trouble because of increased enhancements, primarily involving earlier retirement formulas, with no increase to cover the added cost. Again it has to be paid either in an increase in contributions or increased taxes there is no other source. You cannot get something for nothing.
Incidentally, I had pretty close to your half-million in Deferred Comp when I left. That plus the pension has allowed me to live very, very well. I rolled some over, drew down a fair amount for added income, used some for lump sum purchases and still have a lot left. I highly recommend getting into it to the max no matter how painful that might be.
There's no question Daley left a horrific fiscal mess. I'm not ready to blame Rahm for being unable to clean up decades of mismanagement in just 5 years, though the chart shown looks damning. Underfunding levels have been dropping from 2013, which is about the first budget Rahm's people would have planned (he was first elected in mid 2011).
With respect to the bike lanes and planters -- don't be too quick to resent those! As SCC has noted before, Chicago needs to find ways to keep the taxpayers with actual jobs right here in the city. The bike lanes and pretty downtown parks and so on are important in that regard.
Eliminate those attractions for the taxpayers, and that pension shortfall is going to get worse.
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