Illinois Senate Democrats are asking the federal government for a pension fund bailout 10 Billion

[livingston]

Illinois Senate Democrats are asking the federal government for more than $41 billion in federal aid — about a quarter of it for a pension fund bailout — to keep the state financially afloat as the coronavirus pandemic continues to slash revenues across the board.

A letter from Illinois Senate President Don Harmon, addressed to U.S. Sen. Dick Durbin, went out Tuesday to Illinois’ entire congressional delegation — a day before Gov. J.B. Pritzker announced the economic shutdown would result in an estimated $2.7 billion revenue shortfall in the state’s
current budget.
The Oak Park Democrat also asked for $10 billion for the state’s desperately underfunded pension plans.

State lawmakers seek more than $41B in federal coronavirus aid — including $10B pension bailout

Illinois Senate President Don Harmon says the shutdown could undo the progress the cash-strapped state has made in improving its financial footing.

chicago.suntimes.com

 

[SomeSoldier]

Fuck off.

 

[Criticalt]

Spend it if you got it!

Oh wait......nevermind.

 

[livingston]

And So It Begins: Illinois Is First In Line For State And Local Pension Bailouts

And So It Begins: Illinois Is First In Line For State And Local Pension Bailouts

Asking for pension bailouts is a level of chutzpah that I simply hadn't foreseen.

www.forbes.com

Illinois Senate Democrats Seek Massive Federal Bailout for State, Going Far Beyond Coronavirus Impact – Wirepoints

Harmon’s 40-member Democratic caucus, which holds a majority in the Illinois Senate.
The requested bailout is galling in scope and shameless in purpose – a clear attempt to use the pandemic as cover to get federal money to pay for Illinois’ pre-pandemic fiscal mismanagement, particularly of its pensions.

The Democratic caucus seeks well over $41.6 billion, including important crisis-related relief such as $1 billion in public-health aid to minority communities and unspecified amounts for increased Medicaid reimbursements and hardship payments to health care facilities.

But the vast majority of their request amounts to a national bailout of Illinois’ pre-pandemic failures. It includes:

• $15 billion for a no-strings-attached block grant;
• $6 billion for the state’s unemployment trust fund;
• $10 billion for the state’s pension funds; and,
• $9.6 billion in unrestricted aid to Illinois municipalities, again for pensions.

The $15 billion for the state is more than double the state’s projected losses caused by the pandemic and downturn, depending on how you count it. Gov. J.B. Pritzker released estimates on Wednesday. Pritzker said total budget shortfalls for this year and next total $6.2 billion, assuming the state’s pending constitutional amendment to allow for a progressive tax increase passes in November. Harmon’s letter claims revenue losses could exceed $14.1 billion, without explanation for the difference with Pritzker’s numbers.

Also notable is that the $6 billion bailout for Illinois’ unemployment trust fund stems from the state’s comparatively poor management of it. Illinois, prior to the pandemic, had the fourth-worst funding level for that state fund.

Illinois Senate Democrats Seek Massive Federal Bailout for State, Going Far Beyond Coronavirus Impact – Wirepoints | Wirepoints

Wirepoints has obtained a copy of letter detailing a federal bailout request sent by Illinois Senate President Don Harmon.

wirepoints.org

 

[Blimey]

OH HELL NO.

Do I get government money to prop my 401k up that has lost thousands since this started? Do other people not on pension plans who are currently retired and having to restrict spending get some cheese?

This state's people allowed, voted, condoned, encouraged outrageous spending for decade after decade. Of course the wheels were going to come off at some point. This recession/depression has hardly begun and they already want more money. No.

 

[SomeSoldier]

Illinois lack of planning is not my emergency.

 

[technicalgadget]

Screw Illinois, after decades of pre-pandemic mismanagement and they want a get out of jail free bailout? Let it burn to the ground and let another state assimilate the entire state of Chicago.

 

[livingston]

OH HELL NO.

Do I get government money to prop my 401k up that has lost thousands since this started? Do other people not on pension plans who are currently retired and having to restrict spending get some cheese?

This state's people allowed, voted, condoned, encouraged outrageous spending for decade after decade. Of course the wheels were going to come off at some point. This recession/depression has hardly begun and they already want more money. No.

Yes ... this recession has hardly begun...

 

[MothMan]

So for those of you interested. NYS retirement fund is in good shape and does not appear to need outside help as many other state funds might clamor for.

New York State Common Retirement Fund

The New York State Common Retirement Fund holds and invests the assets of the New York State and Local Retirement System.

www.osc.state.ny.us

The NYS fund is protected by the state constitution which I assume really pisses Monkeyface off. If it wasn’t I am sure we would have a few more Monkeyface Sr. bridges around.

 

[Jmac00]

Illinois maybe the first to ask for a federal bail out, But Emperor Corruption will be the first to have a face-to-face meeting with Pres. Trump.

Potus must take the gloves off and start playing the 'andy game', and not give in to any demands for the Emperor. This is how the conversation should go (with no recordings going on)

POTUS: so you want me to bail you out, you closed hospitals, reduced beds by 20,000, failed to resupply ventilators that you needed for this crisis and now you want a bailout

Emperor Andy: Yes, we need the money to pay our first responders a ridiculous amount in Hazard pay, plus bonuses, plus I have to fix a $6.2 billion dollar budget deficit, our pensions seem to be ok, for now, and we need to fund my school system. but I need to fix the budget and if I raise taxes to do it there will be a revolt.

POTUS: No problem buddy, heres what I need, your undying loyalty and support. You must publicly come out and support my campaign for re-election, for that you get HALF of what you want. After you support me and my administration, and after the election, you get the other half of what you want. Failure of either of these two condition will result in NO MONEY whatsoever. You know, Chuck favorite line, QUID PRO QUO..

and thats hiw this conversation should go. shut it right up the Emperor ass

 

[Dr. Evil]

But we're in this together. Isn't that what I keep hearing?

 

[ProgSpear]

But we're in this together. Isn't that what I keep hearing?

 

[Mr. terzmo]

Only 2.7 ??? That State needs Cummo's guide to pissing money away. NY needs,per the Furher,15 BILLION...Chicago is really screwing up

 

[repete]

Time to tighten the belt a bit. The shortfall in pension funds makes me wonder if the politicians that under funded/raided it also fall under the fund or do they have their own fund?

 

[Steal2B]

So for those of you interested. NYS retirement fund is in good shape and does not appear to need outside help as many other state funds might clamor for.

New York State Common Retirement Fund

The New York State Common Retirement Fund holds and invests the assets of the New York State and Local Retirement System.

www.osc.state.ny.us

The NYS fund is protected by the state constitution which I assume really pisses Monkeyface off. If it wasn’t I am sure we would have a few more Monkeyface Sr. bridges around.

He and his dead dad do screw with the pension when they have a willing Comptroller. On one hand Carey and Cuomo Sr were somewhat kept in check through tough times by comptroller Ed Regan, but Carl McCall and Alan Hevesi were disasters and Napoli can not be trusted. Although the pension under performs the market of late the Trump stock market has been a blessing keeping the funds sound and protecting NYS taxpayers who would have to back the funds. The pension is oft used as a tool to pick investment winners and losers based on political affiliations / donors, and social agendas. It is also used as a tool to punush banks, businesses, and industries in polititical disfavor as opposed to their investment value. As an example, many vacant bankrupt strip malls throughout the state were purchased by "businesses" in favor with the administration with loans from the pension that were defaulted. "Green Energy" has also drained the fund with investments that were financially irresponsible.

 

[Phazer]

Illinois lack of planning is not my emergency.

Similarly, New York's profligate deficit spending on Liberal Progressive fantasies and union contracts in exchange for votes should not be an issue for Illinois taxpayers.

Let states go bankrupt!

Let state governments restructure under austerity rules.

Maybe we really don't have money to pay for healthcare, housing, and food for illegal aliens. Perhaps, we shouldn't be spending taxpayer money on lawyers so that illegal aliens can fight our national laws.

 

[BDinPutnam]

"The Trump stock market" is as laughable as "the Obama stock market."

 

[Plater1]

Similarly, New York's profligate deficit spending on Liberal Progressive fantasies and union contracts in exchange for votes should not be an issue for Illinois taxpayers.

Let states go bankrupt!

Let state governments restructure under austerity rules.

Maybe we really don't have money to pay for healthcare, housing, and food for illegal aliens. Perhaps, we shouldn't be spending taxpayer money on lawyers so that illegal aliens can fight our national laws.

If states are allowed to go chapter 7 or 11 would it not be a good idea to get out now. I can't begin to guess how high my taxes are going to go. The fees for everything else will skyrocket.

 

[Blimey]

Similarly, New York's profligate deficit spending on Liberal Progressive fantasies and union contracts in exchange for votes should not be an issue for Illinois taxpayers.

Let states go bankrupt!

Let state governments restructure under austerity rules.

Maybe we really don't have money to pay for healthcare, housing, and food for illegal aliens. Perhaps, we shouldn't be spending taxpayer money on lawyers so that illegal aliens can fight our national laws.

bu bu bu but, billionaires got bailouts! We can afford anything.

If states are allowed to go chapter 7 or 11 would it not be a good idea to get out now. I can't begin to guess how high my taxes are going to go. The fees for everything else will skyrocket.

Those of us with jobs are going to be paying for all this shit down the road one way or another, that's for damn sure. For lack of a better term a national vacation for 20+ million people for 1,2, or three months doesn't pay for itself.

 

[dsdmmat]

States should go bankrupt and have the courts seize all the assets of all the politicians who voted to spend the money they didn’t have, going all the way back to the time the State’s debt started.

 

[Mr. terzmo]

This morning it is up to over 40 billion total

 

[spat]

"The Trump stock market" is as laughable as "the Obama stock market."

While he may not have a direct hand in it, the fact that businesses haven't been living under the constant threat of *new* draconian leftist PC regulations coming out for the last 3 years has had a drastic effect on the market.

 

[BDinPutnam]

While he may not have a direct hand in it, the fact that businesses haven't been living under the constant threat of *new* draconian leftist PC regulations coming out for the last 3 years has had a drastic effect on the market.

I think the amount of money the government has printed has had more effect but this is a fair point.

 

[spat]

If states are allowed to go chapter 7 or 11 would it not be a good idea to get out now. I can't begin to guess how high my taxes are going to go. The fees for everything else will skyrocket.

It's not the taxpayers who get screwed in a state bankrupcy, it's the bond holders.

What's in *your* retirement account ?

 

[libertysnake]

Why the fuck should my taxes go up to pay someone's state pension? I don't have a pension -- I just have to save up and be financially responsible with my work and my business. Maybe they should have not raided fucking pension funds and they wouldn't be in this scenario.