Article

2018-04-16 Economy

Harvey, the first domino in Illinois: 400 other pension funds could trigger garnishment

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Posted by Besoeker 2018-04-16 01:57|| || Front Page|| [11126 views ] Top

#1 ...As the Old Perfessor says:

"That which cannot go on forever, won't."

Mike

Posted by Mike Kozlowski 2018-04-16 04:46|| 2018-04-16 04:46|| Front Page Top

#2 Harvey made the news last year when an Illinois court ordered the municipality to hike its property taxes...

Only proving once again who really owns so-called "private property."

Posted by Besoeker 2018-04-16 07:00|| 2018-04-16 07:00|| Front Page Top

#3 ...yep, and in the 'old' republic, the power to raise and levy taxes was solely reserved in the legislative branch.

Posted by Procopius2k 2018-04-16 08:33|| 2018-04-16 08:33|| Front Page Top

#4 So what happens when all of Harvey's tax revenue gets "intercepted" and the pensions are still short?

Besides the fact Harvey pretty much ceases to exist as a city.

Posted by DarthVader 2018-04-16 09:40|| 2018-04-16 09:40|| Front Page Top

#5 Can't wait to see the U-Haul rental numbers for that town over the next six months.

Posted by Raj 2018-04-16 09:59|| 2018-04-16 09:59|| Front Page Top

#6 In that part of the Illinois 3rd-world, the U-Hauls wouldn't be 'rented' Raj.

They'd be appropriated.

If there are any U-Haul dealers still in the area, that is.

Posted by Mullah Richard 2018-04-16 10:16|| 2018-04-16 10:16|| Front Page Top

#7 Whew! We left Illinois in 2000--and we're happier every day that we did.

Posted by Tom 2018-04-16 11:23|| 2018-04-16 11:23|| Front Page Top

#8 If pension funds fail in other blue cities...

Posted by JohnQC 2018-04-16 11:34|| 2018-04-16 11:34|| Front Page Top

#9 More and more urban areas are going to try to adopt the "regional asset district" model. Sure, you live 75 miles from downtown, but look at all the "benefits" you receive from being a "neighbor." It's working out so well in Pissburgh...

Posted by M. Murcek 2018-04-16 11:46|| 2018-04-16 11:46|| Front Page Top

#10 Wages of Socialism

Posted by g(r)omgoru 2018-04-16 11:52|| 2018-04-16 11:52|| Front Page Top

#11 When Pensions fail in California, and they will, and they dismantle Prop 13 to increase the property taxes, and they will, it's going to get ugly very fast.

Posted by rjschwarz 2018-04-16 12:02|| 2018-04-16 12:02|| Front Page Top

#12 When courts nationwide start imposing / spiking taxes to satisfy the many local government contractually bound (yet impossible to satisfy) promises to pay pensions to their retirees, THAT'S when it will get ugly.
Recall the states are forbidden from passing any "Law impairing the Obligation of Contracts" - but this doesn't apply to courts or to the federal legislature.
Coming soon to a country near you. It is already predictable using simple math.

Posted by Anguper Hupomosing9418 2018-04-16 12:47|| 2018-04-16 12:47|| Front Page Top

#13 Whomever a politician signs a contract to pay someone money beyond their ability to pay, that politician should have their pension taken to help pay for it.

Posted by rjschwarz 2018-04-16 13:43|| 2018-04-16 13:43|| Front Page Top

#14 Re: #9: that has already been floated out here in the hinterlands surrounding Seattlestan, but as it impacts homeless ( aka bums) ; we peasants should take our fair share so the amaoznians and microsofties don't have to step over them and dodge their sidewalk doo-doo.....

Posted by USN, Ret. 2018-04-16 15:33|| 2018-04-16 15:33|| Front Page Top

#15 Sure, you live 75 miles from downtown, but look at all the "benefits" you receive

Similar to living 20 miles from Atlanta. You're safely out of small arms range.

Posted by Besoeker 2018-04-16 16:03|| 2018-04-16 16:03|| Front Page Top

#16 Obviously its time for an 'Affordable Retirement Act' where they take everyone's pension, IRA, and 401K and split them up equally (1).
Why should Jim who blew all his earnings on a wasteful lifestyle have to suffer while John, who scrapped and saved for his retirement has it easy? Its not fair! Its RACIST I tell you!!! (with exclamation points and everything...)

(1) of course some people are more equal than others.

Posted by CrazyFool 2018-04-16 19:40|| 2018-04-16 19:40|| Front Page Top

23:35 3dc
22:59 3dc
22:31 Rob Crawford
21:38 Frank G
21:32 Clurong Peacock9529
21:06 swksvolFF
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20:30 3dc
20:25 3dc
19:40 CrazyFool
18:46 Mullah Richard
18:45 Besoeker
18:01 swksvolFF
17:55 swksvolFF
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17:10 JohnQC
16:43 JohnQC
16:34 g(r)omgoru
16:14 Besoeker
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16:04 Warthog
16:04 g(r)omgoru
16:03 Besoeker
15:33 USN, Ret.