Fix Chicago’s Pensions or Face The Consequences

Évidemment, les syndicats vont utiliser tous leurs poids pour que la Cour suprême de l’Illinois invalide les réformes nécessaires pour les fonds de pension du secteur public.

Évidemment, on se fout totalement si c’est un modèle Ponzi, une vraie arnaque sur le dos du secteur privé et des futures générations, aussi longtemps que je satisfais mon GROS NOMBRIL.

Ah, oui, on me l’a promis!

Bien sûr, accorder par des politiciens sans scrupules où leurs seuls intérêts étaient de rester au pouvoir, d’autant plus intéressant que ces mêmes crapules se sont accordé ces mêmes privilèges.

Vivre l’État-providence dans toute sa laideur

·         Ne pas oublier que le juge de la cour suprême est aussi un fonctionnaire, hum …!

·         Allons ont y gaiement , mettons une ville, un État, une province ou un pays en banqueroute pour maintenir ce gavage, de plus c’est tout à fait illégale.

Fraudulent Promises

Pension promises were not made in good faith.

Rather, pension promises were the direct result of coercion by public unions on legislators, mayors, and other officials willing to accept bribes because they shared in the ill-gotten gains of backroom deals at taxpayer expense.

Illinois taxpayers cannot be held accountable for coercion of public officials by public unions. Fraudulent promises will be held "null and void" in any "non-stacked" court of law in the nation.

Given the 31% funding of the Illinois Judicial Pension Plan (JRS), the sorry state of Illinois pensions is likely headed to federal courts.

·         He ! les jeunes : Vous vous voulez manifester pour une bonne cause : lisez cet article : Pension Ponzi: How Public Sector Unions are Bankrupting Canada's Health Care, Education and Your Retirement


Extrait de: S&P To Rahm: Fix Chicago’s Pensions or Face The Consequences, American Interest,

Rahm Emanuel won’t get much time to savor Tuesday’s victory over Jesus “Chuy” Garcia in Chicago’s runoff election.

Standard & Poor’s is looking to downgrade its rating of the city if it doesn’t do something about its pensions crisis, and fast:

“If the city fails to articulate and implement a plan by the end of 2015 to substantially fund its pension contributions, or if it substantially draws down its reserves to fund the contributions, we will likely lower the rating. This is regardless of whatever relief the state Legislature may or may not provide,” the news release said.

SnowbirdsChicago currently faces a pension shortfall totaling $35.05 billion, and 2016 will bring a $550 million increase in its payments to pensions for firefighters and police.

Parce que cela fait des années que vous mentent sur le montant des déficits actuariels en les sous-estimant, pour quoi pensez-vous que l'on change les règles du jeu constamment.

Entre-temps, les papys et les babys retraités de la fonction publique se la coulent douce.

Labor unions have challenged recent reforms with a lawsuit against the city’s pension fund, and they could be overturned if the Illinois Supreme Court rules that similar reforms by the state government are unconstitutional. Raising Chicago’s property taxes to the level required to make good on all the obligations could decimate the tax base. A proposed casino project could help, but would start bringing in money only down the road.

Moody’s already downgraded Chicago to near-junk status in February. S&P’s move would only exacerbate an already terrible situation, making it harder for the city to finance the existing debt burden.

It’s not going to be a fun four years for Rahm

COURTROOM TIMEBOMB

A pressing immediate concern is the likelihood that the state loses its battle to pull itself out of its own fiscal hole by reforming pensions. Legal observers expect the state’s Supreme Court to invalidate Illinois' 2013 pension reform law within weeks.

Credit rating agencies have said they could lower Chicago's rating if this happens because the city faces a similar legal challenge to its pension reform efforts by labor unions.

Chicago’s Chief Financial Officer, Lois Scott, in court testimony in December laid out a grim scenario for such a development: hundreds of millions of dollars in additional interest costs; termination of billions of dollars of credits, and ever-increasing difficulty in finding investors for debt issues.

Emanuel is hoping for a reprieve on the looming $550 million pension payment hike but John Cullerton, president of the state Senate, did not hold out much hope.

“Politically, I don’t think you want to kick the can down the road," Cullerton said.

For now, Emanuel seems unlikely to explore another option potentially available to him: the privatization of city assets.

Financial experts say privatization of a major asset, such as Chicago's Midway Airport, would generate cash and help Chicago work through its fiscal problems. But this is problematic in Chicago. Emanuel’s predecessor, Richard M. Daley, spent almost all of the $1.2 billion of proceeds from the lease of the city's parking meters, and residents' resentment grew when parking rates more than quadrupled in the first few years of the lease.

Emanuel tried to privatize Midway in 2013, but backed out after one of two bid groups dropped out. 

"I don't think the Mayor wants to be the guy who sold the air field," said one restructuring industry source. "Even in bankruptcy, Detroit didn’t want to get rid of (its) art and museum.