How Bad Is It?
Pretty damn bad according to the Illinois Policy site:
Three years ago, Illinois state lawmakers wrote to Washington, D.C., asking for a favor. Nothing major. Just $40 billion.
A cool $10 billion to bail out state and local public pensions, plus extra to prop up the state budget, the state’s unemployment insurance fund and more.
The feds declined to fix the pension mess Illinois leaders created, and state leaders never pursued reforms to fix Illinois’ pension problems. Today, we owe $211 billion in unfunded state and local pension liabilities.
And that casino "fix"? Delayed again:
Hold your bets on the opening date for Chicago’s first casino.
Bally’s executives said Thursday they expect their temporary gambling house at the historic Medinah Temple to open sometime in September, a few weeks later than initially suggested by leaders of the Rhode Island-based corporation.
Regulators at the Illinois Gaming Board gave an early thumbs-up to Bally’s mega-development in June, the first step en route to launching the makeshift Medinah casino for up to three years while the permanent, $1.7 billion structure is built at Chicago Avenue and Halsted Street.
Hopefully, the few weeks doesn't turn into a few years.
Labels: money questions, pension
posted by SCC at 12:01 AM
28 Comments:
Bally's must have been light in the envelope or missed greasing every political whore necessary to open!
LOL... kept kicking that can down the road, hoping someone else would clean it up, but they're not going to.
Feds (AKA the whole country) ought not to bail out Hellinois with one cent. The Illinois legislature caused the problem, let THEM pay.
Madigan got some fat envelopes right? Let him forefeit that, his house, car, and whatever else he stole... Go after the rest of them too. Apply the funds to the pensions.
All the “profits” from the Chicago casino are supposed to go directly to Chicago pensions.
However, after all the “expenses” are paid, there will not be any “profits” for the pensions.
The expenses are all the greedy politicians did have their hand out to get their money.
Great news. The money will be flowing into the pensions and just like that everything will be ok. Just like the lottery fixed the schools. No corrupt democrat can ever leave a huge chunk of money alone and not divert it to other "community" emergencies. Lets go Brandon.
Hopefully the casino will actually make a little money after all skim is collected.
There are a lot of Chicago and Cook County beaks that need a whole lot of water.
But I thought JB aka Flounder aka Fred Flintstone balanced the budget 3 years in a row?!? Hmmm.
3 years should be more than enough time for Bally to craft a very well written letter, and lose enough money, explaining that it has made the "tough" decision to pursue interests in an other direction.
I’m moving away as soon as I retire from this.cesspool of criminals!
This is odd that we’re in so much debt considering I was told that the legal marijuana industry would be the savior of us all.
At the rate they're going the whole country will be bankrupt before you know it.
Then they will offer the solution of Universal Basic Income. We will all have a link card soon.
Didn't the worst president (Dean Angelo) in FOP history allow the city to delay (for a few years) the city's next mandated pension payment to our fund.
"Anonymous said...
At the rate they're going the whole country will be bankrupt before you know it.
Then they will offer the solution of Universal Basic Income. We will all have a link card soon.
8/04/2023 06:47:00 AM"
Somebody want to tell him/her? The government is reportedly 32 trillion is debt. The real numbers are near 100 trillion.
Its different this time tho as BJ has the Migrant Minstrels to march out as tools to win the hearts and minds of the liberals for a bailout. Use the migrant womwn and children by making them lay down sleep on the sidewalks in fronr of pravda like NYC is doing.
And...
Well downtown is a casino desert aftwr all. So perhaps the casini will be up and running creating opportunities for the little drummer boys.
Second thoughts perhaps?
I'm sorry I have to play devil's advocate here. But when I think of numbers I think in both absolute and relative terms. Say one states income tax goes from 5% to 10%, that's a 100% increase. Now another state goes from from 1% to 3%, that's a 200% increase. But in absolute terms, the former is worse.
So when we say Illinois judges pension is funded at 43%, how much $ is in that fund?
And then they talk about Illinois teachers ... who are the Illinois teachers? (not CPS I assume). How many Illinois teachers are there and how big is that fund.
Our obese Type II governor bragged about our financial gains, as stated. From what I understand the COVID $ from Biden cold not be directly used to pay off state debt, but it increased spending, and thus, the state taxes collected.
One simple little quick fix would be….STOP MAKING ALL THESE EXEMPTS! That’s how you slowly eliminate the Gold Braid Pension! There’s way too many exempts doing the same thing overlapping each other. It’s insane!
I need some mud for my turtle....
Anonymous Anonymous said...
But I thought JB aka Flounder aka Fred Flintstone balanced the budget 3 years in a row?!? Hmmm.
8/04/2023 01:27:00 AM
Were talking about the 4 city pension funds.
Atleast this BJ and LL are paying the owed depts on time unlike Rajneesh and Daley who blew the payments off.
I'm waiting for them to get approval on the sports book. Then, I'll pretty much live there on NFL Sundays.
Merge all these pension plans into one giant fund every resident contributes everyone gets a pension! Say no to 401scams.
The main problem is finding qualifies help and who the hell wants to go downtown and ifI do wins they will just rip me off on the streets.
All the Gangsta's got to get their cut. It's the chicago way.
Didn't the worst president (Dean Angelo) in FOP history allow the city to delay (for a few years) the city's next mandated pension payment to our fund.
Kevin "Flounder" Graham was not only the worst, he was completely delusional, had no balls, and makes Catanzara look legit.
By the way your dues money is giving away free plane rides to Vegas courtesy of JRat
Probably hoping they vote for him for national VP. 200k after all said and done. BUT HE SPEAKS FOR US!!!!!
Atleast this BJ and LL are paying the owed depts on time unlike Rajneesh and Daley who blew the payments off.
---
true-ish
no sure who Rajneesh is
the debts toward the police/fire pension are being paid do to a state law requiring it
• Senate Bill 777 is from 2016. Rauner’s veto was overridden. It lessens the amount to police/fire pension required by the 2010 law.
o In 2020 the City will pay $824M toward police/fire pension, as per Senate Bill 777 (Might have a different name now that is has been signed into law).
the casino is expected to bring in $400M per year, so it's not even close (and not sure about that # it is just a quick google search)
Don't forget, the TOLLWAY was only created for a short period of time to pay for one item (if I recall correctly) ... until they realized how much it made.
Rajneesh is Rahm.
Now, kees me you fool!!!!
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