Highlights from Ted’s interview with Tom Miller on Newsradio WJPF:

“Senate Democrats have asked for what’s been called a bailout by the New York Times and others. There’s lots of states that are going to be asking for support because of the Coronavirus, but Illinois went over and above the cost of the pandemic and asked for money for pensions, for money that was related to the pre-pandemic problems of Illinois.”

“The response from part of the congressional delegation was ‘No, you can’t use the pandemic as a cover to try to get monies for previous problems. Illinois’ pension problem, its budget deficit, its unpaid bills, it’s unemployment trust fund –  all of them have always been very poorly run.’”

“If you look around the world, everybody’s trying to reduce taxes. Everybody’s trying to find a way to reduce the burden on ordinary citizens and companies. Governor Pritzker, meanwhile, is talking about a major tax hike in the middle of a pandemic. It’s just backwards to anything any normal economist would recommend for a place that’s already struggling like it is.

“People on Harmon’s side are unhappy he did this. But he’s floated the idea. He’s letting it percolate. He’s letting people know Illinois is in deep trouble and that its lawmakers want a bailout.”

Follow the impact of the Coronavirus on Wirepoints’ COVID-19 page

See the daily data for Illinois: COVID-19 crisis: Daily data update

 

16 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Poor Taxpayer
6 months ago

The Virus is not the greedy cops, teachers and firemens fault. It is the taxpayers fault so they should have to pay for huge pensions to buy luxury homes in Florida. Do you have any idea what is costs to own 2 brand new high end BMW’s? Go out to dinner every night?
Raise taxes to pay for people not working and never did work anyways.
Feel like you are being screwed? It is because you are.

Ron Rico
6 months ago

How come nobody in the media is asking Gov. Pritzker if any of the firms his family owns are taking any federal bailout money? That very question was asked of Pres. Trump on Day One.

Juicy Smollier
6 months ago

Ted or Mark, do you know what “rainy day” funds are even possible or exist for the State, Cook County, or Chicago at this point? I think they always have a few stashes to go too, but if this goes on for much longer, is there any way they can keep 100% of the “promises” paid out? I don’t see it. I think that’s why the crisis BS is continued, to act like they are saving people (hint, hint: they’re not) and that it makes the situation theoretically more dire so they can blame corona for everything.

Admin
6 months ago
Reply to  Juicy Smollier

Juicy, I will forgive you for that question on the assumption that you are a new reader. We have documented for years why there is not a snowball’s chance in hell that we can ever deliver on obligations incurred, and that was before coronavirus.

DantheMan
6 months ago

I’m starting to notice the public employees starting to wake up and realize that their retirement lifestyle is in jeopardy. They are seeing more talk of bankruptcy and bailouts in the press because the Dems are trying to leverage the Wuhan virus. It’s going to be good entertainment as the average, sleepy public union worker starts to realize the state can’t pay their pensions. They are going to be so pissed. A few will find their way here to Wirepoints and share their illogical comments. Recently, a few have already come forward. So far they are predictable, deflecting blame away… Read more »

Juicy Smollier
6 months ago
Reply to  DantheMan

I was just telling a friend yesterday that last summer, for example, I would have chats with fire guys who were retired, and they would look like deer in headlights when I mentioned how insolvent everything is, and how I’m moving in the next couple of years. It was actually quite funny how clueless they were, literally had no idea, or the only response MIGHT be “but but, they have to pay because it’s in the law” (even though they were aware that no one has been contributing to the pensions, thus the law already didn’t matter). Now, I think… Read more »

Paul
6 months ago
Reply to  DantheMan

Don’t worry. They all say the Constitution guarantees their pensions.

NiteCat
7 months ago

The best words I heard yesterday came from “Cocaine” Mitch McConnell…maybe we should let the financially troubled states declare bankruptcy instead of funding a Phase 4. Well, they are already bankrupt, they just can’t call it that. And no Chapter 7 filings, they must go the Chapter 11 way which would force them to restructure & reorganize. That would be the best thing to happen. Then they’d finally have to deal with the malfeasance these single party their states & their government unions have been practicing for years. If that happened, the IL taxpayers would have more leverage on them… Read more »

debtsor
7 months ago
Reply to  NiteCat

Chapter 9 is for municipalities. They’d probably make a sub-chapter for states or maybe add a new chapter. It’s kind of like an 11 without all the stringent rules applied to Chapter 11 debtors. States need to be free to screw over whichever credit they please. And by whichever creditor, I mean pensioners.

Platinum Goose
7 months ago
Reply to  debtsor

Bond holders will probably take the biggest haircut which they deserve for being enablers.

bagelgirl
7 months ago
Reply to  Platinum Goose

There is not much in the way of bond debt.

Platinum Goose
7 months ago
Reply to  bagelgirl

Oh, guess that means most of it will have to come from the pensions.

Land of Delusion
6 months ago
Reply to  bagelgirl

According to 2019 figures Illinois has $44 billion in bond debt which is rather large.

Poor Taxpayer
7 months ago

Not one penny of the honest hard working taxpayer to go to Pensions.
Let all the GREEDY cops, teachers and firemen make the max of what SS pays.

Douglas
7 months ago

I’m gonna max out the credit cards, and send the bills to the federal government.

m
7 months ago

never let a crisis go to waste