Why Illinois Is In Trouble – 109,881 Public Employees With $100,000+ Paychecks Cost Taxpayers $14B

Posted by freedomforall 2 months, 2 weeks ago to Economics
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Our analysis at OpenTheBooks.com shows that an Illinois family of four now owes more in unfunded pension liabilities ($76,000) than they earn in household income ($63,585). In a state of 13 million residents, every man, woman, and child owes $19,000 — on an estimated $251 billion pension liability.

Our auditors discovered 110,000 public employees and retirees who earned more than $100,000 last year.

We found tree trimmers in Chicago making $106,663; nurses at state corrections earning up to $277,100; junior college presidents making $491,095; university doctors earning up to $2 million; and 111 small town managers who out-earned every governor of the 50 states ($202,000).
SOURCE URL: https://www.forbes.com/sites/adamandrzejewski/2020/04/27/why-illinois-is-in-trouble--109881-public-employees-with-100000-paychecks-cost-taxpayers-14b/#2813acda7ee9

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  • Posted by MikePusatera 2 months, 2 weeks ago
    I have an update. Illinois Senate President (Democrat) Don Harmon has come up with a solution. He has sent an official letter to the US Congress asking for 40.6 billion to pay Illinois' debts. No offer of reform or policy changes. Just pay all of our debts so we can keep doing what we are already doing. One of our few Republican Senators, Jason Plummer, is asking Congress not to give Illinois a dime. Make us fix our own problems he is asking Congress. If Congress goes Democrat I think these state bail outs will happen.
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  • Posted by MikePusatera 2 months, 2 weeks ago
    I live in Illinois and it is actually worse than depicted. Illinois has a constitutional amendment making it illegal to ever lower benefits for any state employee once it is negotiated. School superintendents get their boards to give them $75,000 raises their last 6 months before retirement. There retirement is something like 80% of their final salary. There are reports on union officials working as substitute teachers for a week and getting five figure pensions. No one in Illinois cares. This is truly a one party state. The same people are elected over and over. Our state motto should be "Thank you sir, may i have another".
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    • Posted by $ Maritimus 2 months, 1 week ago
      Hello, Mike,
      All my life since I heard it said many decades ago, I firmly believe the following dictum. All my experience has confirmed it.
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  • Posted by mccannon01 2 months, 2 weeks ago
    The same seems to be happening at every level of government across the entire country. These are the people that disparage high salaries and perks in the private sector in order to create sound bites to get re-elected or appointed. When these people want more they just send out the bullies to slap around the citizenry to collect the loot. The private sector has no such recourse - it just goes under - unless it can convince government to do it's bully thing to get bailout loot. We're screwed.
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  • Posted by $ blarman 2 months, 1 week ago
    Their problem is an entitlement complex which they think taxpayers should be on the hook for. And by taxpayers I mean "other people than me." It's a cultural problem to which the fiscal evidence is now showing.
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  • Posted by UncleAlbert 2 months, 1 week ago
    As per the article, Mitch McConnell is right...let the states declare bankruptcy...they got themselves into this pickle and I, for one, don’t want taxpayers paying for this profligate spending...I have enough trouble with taxation being theft at the point of a gun, in the first place...
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  • Posted by GaryL 2 months, 1 week ago
    As a NY State pensioner I retired at 50% of my FAS, Final average base salary. Yes, I could bolster my FAS by working gobs of OT but only increase my FAS by 20% of the OT pay. If my FAS was $100K with any additional OT payments I retire at $50K. NY City is a different plan and a cop making $75K/ year can work all the OT he can stand and increase his/her FAS to well over $200K and then retire after 20 years with 50% or $100K or work for many years more and keep increasing his FAS plus retire at a higher percentage up to and possibly more than 75% of FAS. Illinois, California and NY City, All democrat strongholds, have created their own problems with these great pension plans where many if not most make more money being retired than the actual salary they were paid while working. This is a clear result of Union negotiations and corruption. Who in their right mind would not love to be paid more for staying home on retirement than what they earned while working?
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