Message warning from Illinois comptroller

This is an official video from the office of the comptroller in Illinois warning people if the budget crisis isn't addressed by Friday, June 30. State payroll, pensions, and some emergency services, mental health facilities, social services, and schools could all be closed or unpaid. At the time I saw it, it had only 127 views and was a few hours old. This is important.

The world would be better without government.

a reply to: Virole



This should work.


Ah, you fixed it!

a reply to: Virole

I embedded the youtube video in your post above.

Hope that helps.

originally posted by: Djarums
a reply to: Virole

I embedded the youtube video in your post above.

Hope that helps.

Thanks much... I've always been more of a watcher but the low view count, I was sure many people who needed to see it wouldn't.

If anyone wants the TL;DR version of why Illinois is in this crisis it is (primarily) two things:

- unbelievably corrupt politicians at the highest levels padding their own pockets
- failed and lack of pension reform

The leadership of Illinois has been poor for a very long time. Draconian taxation policies have driven both families and business out of the state of Illinois for years. Illinois has long been ranked as one of the most business unfriendly states in the country.

When that tax base continues to leave in droves while the state continues to borrow to fund massive pension funds the result is what is contained in this video.

a reply to: Virole

Nearly the same is about to happen in Washington State and in Maine.

In Washington State the government shutdown will be affecting state parks(Fourth of July reservations have already been cancelled) to the more dire issues with the poor, Veterans and the elderly and even to the prisons and even permits for wells on properties.

This state is being torn apart, as per usual so it's not new, by the Two Party political bickering. They are working on a deal that might advert it but the results won't be brought up until Thursday night.

I really hope for the best that it doesn't happen in these states.

a reply to: Outlier13

100% correct - Unfortunately, reforms usually aren't focused on the politicians but instead the poor and disabled.

I don't have a solution. I do know a rich billionaire trying to squeeze a few more dollars for rich will not solve the problem and neither will a corrupt Dem trying to protect the machine.

I wanted to keep my post as "just the facts" as I could. I'm a big believer in being the last to speak. I don't have a solution to the current crisis and I know it's much more than just Illinois.

I've always tried to live with as little debt as possible includes zero debt. My wife and I own two houses now, only one has a mortgage. The other we rent to good friends with a disabled daughter for about half what the normal rent for that area is.

We are only able to do that because we have no other debt besides the mortgage which we pay off at an accelerated rate. We don't make a lot but we both work full time and both do side work. Took us about ten years to pay off the first house, following our own version of what you might hear on Dave Ramsey.

Not bragging, it was hard and still is sometimes. My point was now we have flexibility to help friends and family because all our money isn't tagged with loan payments. The government could do much better if it hadn't been sold this debt lifestyle. Last I checked interest payments on our national debt was in the 260 billion annually range and that's at low rates. More than Medicare and food stamps combined.

The more you go into debt, the less good you can do. Cuts and tax increases will come, whether by vote or by force of necessity. Eventually, we'll have to decide between repayment and necessary items. It's interesting how the lack of a budget and runaway funds are the proclaimed cause of the States issues. Exactly what's been happening on a national level. I strongly believe this will be the first major debt crisis of my lifetime but it definitely won't be the last, for a state or for the nation.

a reply to: Virole

Had a thought as I read this, actually several. The first being "what if?" as in what if the economic SHTF doesn't originate at the federal level but we instead see the States crash one by one as they can't provide services? I'm sure it's been proposed before but the individual states collapse would be looked on as a regional issue until they start failing one by one?

So despite no one liking "government" it also provides necessary functions like road maintenance, new business permitting, just a thousand things we take for granted. Once Illinois "fails" completely it's easy to move to Ohio or Michigan (for example) which drags those States into bankruptcy. I can see several States failing before we realize the feds can't bail them out. Illinois is just the tip of a very large iceberg.

Obamas state . I bet those EBT and snap payments will be right on time though.

a reply to: Caver78

I would think the States would "have" to go first. The federal debt is absolutely out of control and out credit rating has only been down graded once because the volume of debt and income and it grows at a predictable amount.

Given that though lenders and creditors down really look at State solvency as a federal problem, so when rating the nation it isn't included. However, if Illinois failed, I don't really see away the could not get bailed out. The banks got bailed out because they were "too big", no way a state would go under without a bailout. Suddenly all the States that are dying: Washington, Minnesota, Maine, California... All the hands go out. Almost immediately the creditors see the real debt obligation and see combined state and national deficit and the rating drops to junk or near junk.

Because while our national debt is nearing 100% gpd and our unfunded liability is mind boggling, if you add the states debt, because it all comes from the same people paying taxes.... We are already dead.

a reply to: Caver78

It's one thing if the taxes were used for what they were meant for,in California we pay probably the highest gas tax for our roads,the roads here are in total disrepair,can't trust an entity that is never scrutinized,road repair and structures can be maintained by a private company,don't give all the money to one person

Nobody should be surprised by this.
The boat has been taking on water for years and now that it's just about to be completely submerged,,, look out!

There are several issues that caused Illinois to end up where it is now.

First and foremost are the absolutely criminal democrats who have literally run this city into the ground. They are a cancer and nothing more. Cancer is a stupid disease. It kills its own host ensuring its own demise as well. Welcome to Chicago politics.

Second, the ignorance of the democrat leadership allowed blatant misuse of funds for so long that there is no hope of ever repairing the damage.

Third, are the little things that become a huge burden when they accumulate. Pensions are based on income at the time of retirement. Monies paid into pension funds are based on income during employment. Its a simple formula. The reason it doesn't work is simple too. For example, a police officer who makes $100,000 per year is going to retire. His pension, 60% of his salary, will be $60,000 per year. But, he has grown accustomed to $100,000 a year and has friends in high places. So, two weeks before he retires his is given a $60,000 per year raise. Now when he retires in two weeks his pension benefit will be $99,600 per year. The problem is that during his entire employment duration the monies paid into his pension fund were for a salary of $100,000. The other $60,000 are unfunded from DAY ONE.

This is just a very small example of how easily fiscal ignorance on the part of city leaders can plummet a city in to the depths of financial hell in no time at all. And Chicago has been digging this hole for decades under democrat rule. There is no saving Chicago. It will default, even if they pass a budget. They simply can not generate enough revenue to solve the problem. Any budget passed at this point will only delay the inevitable.

Like SOOOOO many others, my wife and I have decided it is time to leave Illinois once and for all.

How much is sales tax in Illinois now? I remember it was like 3 or 4 % and the State was pretty solid back in the late 50's or early 60's.

originally posted by: musicismagic
How much is sales tax in Illinois now? I remember it was like 3 or 4 % and the State was pretty solid back in the late 50's or early 60's.

Currently 6.25%. But that doesn't include the 18% increase on sugary drinks... Geez, what a bunch if incompetent fools...

originally posted by: Vroomfondel

originally posted by: musicismagic
How much is sales tax in Illinois now? I remember it was like 3 or 4 % and the State was pretty solid back in the late 50's or early 60's.

Currently 6.25%. But that doesn't include the 18% increase on surgary drinks... Geez, what a bunch if incompetent fools...

Incompetency and greed will do the Nation in in due time. I see it here in Japan by allowing part time jobs being "legal". Full time jobs are for the most part "history". Yes , of course your major companies are full time, but your small to mid size companies are the major players these days and for the most part, part timers.

Not sure if Illinois allows this, but another HUGE pension problem maker in other places is allowing people to retire then hiring them right back into same position so you’re paying 50% more, or higher, for the same labor...the logic escapes me... (and I get the not wanting to lose experience, but still a not very bright solution)...

a reply to: Virole

Many of us have been talking about Illinois' pension crisis - people worked for 40-50 years and are now finding out their pensions/retirement benefits have been mismanaged and may not be available.

Turbulent times ahead for our economy - Illinois will likely just be the first of many.

I've heard a few ATS members from Illinois talk about this. It's an extremely important topic, even for those of us who do not live in Illinois.