Posts Tagged ‘unfunded pension liability’

Wisonsin Democrats Fled To Illinois To Avoid Democracy. What’s THAT State Like With Union Pension Problems???

February 22, 2011

Where are the Democrat politicians who literally fled the state so they wouldn’t have to perform their democratic duty as members of a democracy and simply show up to VOTE?  You know, represent the people by voting like people who aren’t Marxist-fascists are supposed to do?

From the Milwaukee-Wisconsin Journal Sentinal:

The high political drama comes as the standoff on the politically charged bill drags on, Democratic senators hide out in Illinois, a throng of tens of thousands demonstrate at the Capitol, and national figures weigh in on the events.

Now why are they doing that?  Because Republicans are trying to deal with the massive state budget crisis and union pensions that have crippled the state.  And Democrats who ran on “hope and change” are willing to violate the democratic process in every single way, shape or form to preserve the utterly failed status quo.

Okay.  So Wisconsin Democrats don’t want to deal with the pension crisis in their financial broke state and so they ran off to Illinois.

What’s going on to Illinois?  I mean, surely when you flee to a better state, the state of affairs should at least be better than the one you’re fleeing from, right???

Wrong.  Thanks exclusively to Democrats – including one Barack Hussein Obama who helped in the destruction both as a state senator and as a US Senator – Illinois is on the verge of total collapse:

Illinois public pension fund crisis worsens
Dennis Byrne on 11.01.10 at 11:59 AM

Before you vote on Tuesday, you should read this to get a better understanding of one of the biggest problems facing Illinois.

Illinois’ unfunded pension liability, already the worst in the nation, is expected to spiral to even higher levels because the financially desperate funds are revising their investment goals downward.

The funds are desperate on more than one front. They are not getting their monthly contributions from the state on a timely basis. And those delays are forcing them to sell fund assets at an annualized rate approaching 10 percent to pay benefits to retirees. The one-two punch is deflating their bottom line.

Gov. Pat Quinn and the Illinois Legislature don’t intend to sit around and do nothing. What they’re likely to do, a mere two days after the election, is what they’ve always done: Borrow more.

The rising price tags for Illinois taxpayers come as the Illinois Senate is set to reconvene Thursday, atGov. Pat Quinn’s request, to consider whether to borrow to meet annual pension obligations once again. The state would issue bonds for up to $4.1 billion in state contributions to the five funds in fiscal 2011, which began July 1.

The move was approved by the House on May 25 but was not called for a vote in the Senate becauseDemocrats were not able to get the full support of their ranks needed for a three-fifths majority, and theRepublicans were not willing to step in.

Some observers say not much has changed in the intervening time.

But if the state does decide to borrow again, it will come atop more than $13 billion in previous borrowing for annual pension obligations, a portion of which ended up getting skimmed off for operating expenses during the tenure of former Gov. Rod Blagojevich.

So, here’s the deal: A lame duck legislature and possibly a lame duck governor plan to put us deeper in debt. Even before the smoke from the election clears. Sound familiar?

Here are the basics on Illinois’ three largest retirement funds.

What did these Marxist Wisconsin Democrats do?  They ran home to their big fat Marxist Mama in Chicago.  And that big fat woman will wrap her big fat flabby arms around her children from Wisconsin and welcome them into the pig trough of union and big Democrat machine money she calls her home, sweet home.

Don’t forget the hellhole the Wisconsin Democrats ran to.  Because Democrats all over the country will be bringing the mega-disasters of states like Illinois to your door if you give them the chance.

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