Illinois to Postpone Pension Payments “We Are out of Money Now”

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money

For the past 4 months, Illinois has been embroiled in a budget impasse between the state’s Republican governor, and the Democratic legislature. They’ve gone so long without a budget, that they have to pay their lottery winners in IOUs and may have to shorten the length of their school year.

They’re essentially rationing and juggling the finances of their public institutions until the government comes up with a budget. This has resulted in a frightening situation for Illinois’ retirees, since the state has announced that they’re going to hold off on paying their pension department for the near future. According to Comptroller Leslie Munger, Illinois will have to postpone a $560 million payment that was due to the state’s retirees in November, and the system won’t be paid in full until June. Munger told reporters on Wednesday that “this decision is choosing the least of a number of bad options”

However, she wouldn’t go so far as to use scary words like “bankruptcy” “insolvency” or “default,” even though they perfectly describe the financial mess that her state is in. She told the reporters that “for all intents and purposes, we are out of money now.”

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Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .

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  • Just how can they not pay lottery winners? Isn’t it a contract you will they pay? All this wouldn’t be a problem if all unions would be abolished. Pa is in the same boat with no budget for over 100 days. The Democrates need to stop taxing us on everything.

    • They call it gambling for a reason.

    • Vows of Vengeance

      Both sides are corrupt. We have no real choices.

      • Mr Anthill

        Interesting that the 294 Illinois retired legislators still get their full pension and taxpayers will contribute eight times more into politicians pension system than legislators next year to keep GARS afloat.

        It’s a transparent fraud, take from the poor and give to the elitists. This is what it’s all about-enriching corrupted politicians, and it is these same worthless part-time politicians that have broke the system!

        Illinois legislators’ pay is the fifth-highest in the nation. Taxpayers are footing the bill for their cushy salaries and incredibly generous pension packages in return for continued fiscal mismanagement and the collapse of the state’s pension systems.

        • Vows of Vengeance

          Makes me sick, I know. A politician elected to office has to only be in for one term and will get benefits the rest of their lives. Even if they no longer get elected again. They always vote for their selves interests. Only cops (enforcers) and government workers get paid well. And they have a pension. The rest of us can suffer and we let it.

      • bsroon

        Never vote repub or demo. If (when) they take office you know they will screw you, so voting for anyone else is no loss whatsoever. At least there is a POSSIBILITY that a different party might support the constitution.

        Since nobody BUT repub/demo has held majority for 160 years it’s going to be hard to convince the people that it’s someone else’s fault. Nobody else was THERE!

        Vote for these “two” parties and they know that you think they may have a solution, they know they have your support and thus they have ZERO motivtion to change.

        Vote for anyone else and they will have to notice that they lost support – and they will have to scramble to woo you. This is why Romney immediately made Ron Paul noises because a few million repubs left because the constitution was more important than the drivel the rep/dem whine about. (well, it’s not so bad this year, true – but the candidates are all establishment look-alikes and sell outs)

    • TruthTalk

      Though many union salaries are highway robberies on the tax payers, most aren’t and abolishing them won’t make much of a difference. The two party system are ruining this country, they DO NOT work for us or care for tax payers best interests.

  • Illinois is America’s Greece?

    • StevetheHun

      That is an insult to Greece.

      • Just as Greece’s politicians and central bankers are an insult to intelligent Greeks with an education that would have preventing them from making the same stupid fiscal mistakes yet one more time.

    • packsack

      They are broke!!!!

      • Both as a result of going along with the same financial thinking as those who brought on the Great Depression.

  • jaguar

    This is because they are paying for housing and medical and food and spending money to Illegal Immigrants!!! You’d better wake up people illegals are stilling your money and way of life…

    • Vows of Vengeance

      And NOBODY in the jew media will bring up that issue. You will not hear a word of that from any politician in office now. It is the truth what you wrote. Only lies and deception from any government.

      • Bruce Prentis

        You ate exactly dead on about your statement about the Jew media. I don’t get any of Mr news from the lamestream media except for maybe local news. For bed on what’s going on in the ME or Syria, I go to RT or Putnik. Isn’t it a crying shame that you have to go to what used to be the USSA’s arch rival for all intents proposed “true news”? That goes the same for something from this God forsaken government. I fear and mistrust the USSA’s government more than Russia.

      • masterblaster

        Trump did and continues to BRING IT UP

    • Lee Mathers

      Funny how I hear the same argument regardless of where I am looking in the world. “…my life sucks because other people moved near me…” We are in an age where people travel and move easily and freely….

    • BigMG

      And how many more Syrian Refuse-gees are coming to our towns to desolate?

  • capitalistpig2
  • StevetheHun

    Remember way back when private sector workers earned more than government sector workers because private sector workers had to work their donkey’s off?

    Well, the private sector workers still work a lot harder than the government sector workers. But now the government workers make a donkey’s load more.

    So, do I feel sorry for the government retirees? A little, but not as much.

  • Nathan Togain

    Lol, shorten the school year? Doesn’t lottery pay for that? Just look into husseins osamas and the other crooked politicians bank accounts and you’ll find the funds you need…

  • NonYo Business

    Just the beginning. Stay tuned America.

  • Gearmoe

    This how these corrupt bastards work. The money is supposed to be there for the people have there job and earned a pension. But no, screw you.

    • masterblaster

      Why should they the public employees be any different than private sector pensions than have been cut down to less than 25 % by the pension fund government agencies. I say let the lazy turds sink in the toilet they created

  • Fireplace 1

    This is a growing trend. G0vernments are going broke, and not paying or reducing pensions are just one way that they are confiscating wealth to pay for their mismanagement. They will use the asset forfeiture laws to confiscate private pension money.

  • SovereignPatriot88

    This is what happens when the government spends more than it takes in. All the taxes people paid were allocated for certain things. And the stupid politicians took the money and spent it all on things that people told them not to because they couldn’t afford it. All the ridiculous programs and projects that they wasted money on that were completely unnecessary used up all the money that should have gone towards paying their bills, and now it’s gone. Well, what did they think would happen? When they ruined the economy and all the jobs left for China, the people did what they had to do, they went on welfare and food stamps. They wanted to be greedy, so they taxed the local businesses out of existence, and the employees of those businesses got screwed. Just like the rest of America. Illinois just happens to be the first one to go broke.
    People paid into the lottery, but the money was stolen and spent. People paid into their pension, but the money was stolen and spent. The government is grossly incompetent at managing a budget. Simple addition and subtraction could tell them whether or not their spending too much money. Maybe they are using common core math to balance the budget. If that’s the case, Illinois is screwed.

    • Vows of Vengeance

      That’s the plan.

    • Phantom Power 48V

      and yet the mindless zombies keep voting the same criminals into office.

      • SovereignPatriot88

        These simpletons vote democrat no matter who they are or what they say. The politicians in Chicago for instance, are all a bunch of commies. They cry racism constantly, yet they are the ones who make policies that screw over the minorities and the impoverished. They spend millions on welfare and entitlements, which is supposed to be used for people to get back on their feet, then they regulate businesses out of existence, jobs disappear and people end up being on welfare forever. And their gun policies unfairly target minorities and poor people who want to be able to defend themselves, but can’t because of all the costs involved in getting a permit and background checks, etc. And because of their policies, there are many areas where crime is rampant and it’s dangerous to live in those areas.
        And despite the fact that these politicians do nothing to solve these problems, the zombies continue to vote for these cretins. I guess they got what they asked for.

      • masterblaster

        You would be very surprised how many incumbents in congress run unopposed. They make deals between the two parties to not oppose each other in districts where the obvious majority of registered voters are one or the other side in majority. This denies the people any chance to unseat a Represenative

    • masterblaster

      We have a huge County Convention Center where i live. The employees are all rejects and affirmative action useless turds a good portion do not even speak english. Its a big welfare program that takes jobs from qualified americans to put to work the progressive dreamers at taxpayer expense. The lack of service to those renting the facility is obvious and remembered

  • Mike Agrippe

    If they can’t pay lottery winners, then shouldn’t they stop selling lottery tickets? That would put more pressure on the state legislature to pass a budget. Don’t mess with gamblers. lol

    • Frank

      When lottery players become informed that winners are being paid in IOUs, they’ll stop buying tickets. When people stop playing the lottery, there goes the money stream that is like Quantitative Easing and Chinese loans for the State of Illinois.
      We may get to see Chicago burn to the ground when the EBT cards don’t get funded….

  • tanaberrys .

    Legalize weed… and get people who aren’t greedy and incompetent to run that budget.

    • Can’t, how would the pharmaceutical companies stay in business then?

      • arahn

        Oh, but they know that many will have psychotic breaks without their poisons. “Order out of chaos – Ordo ab Chao” Я0llyJ0g3r

      • tanaberrys .

        Big Pharma is alive and well in my state of legal weed. The dumbed down masses still believe the MSM that pharma is good and weed is bad.

        • 1 cured relative at a time the word will spread but the talmudvision will be there to misdirect the entire time.

          I know what you are saying though, I tried to GIVE cannabis oil(I only had 4 grams) to someone who was dying of cancer and I was turned down, they are no longer alive.

  • sircogold

    AMERICA IS GREECE ON STEROIDS, ONLY PRINTING FIAT MONEY WITH NOTHING TO BACK IT

  • sircogold

    THE ONLY WAY OUT FOR THE RATS IS WAR, USING THE AMERICAN MILITARY AS CANNON FODDER, SUPPORT PUTIN

  • YeahRightOkay

    …but the politicians and those that pay them off…still get paid…so what is the problem here…???

  • Chris Sky

    Obama’s home State… Gun control blueprint for the rest of the USA, murder capital of the world, lottery winners in IOUs and Pensions just not being paid.

    “you see.. the problem with Socialism (obamaphone, obamacare, snap, benefits, illegals, etc) is eventually you run out of other people’s money” 😉

    … 5.1% unemployment though! Obamanomics, 101

    • tanaberrys .

      Obamas’ home state of Kenya?

  • bsroon

    Did you know that in Illinois some large corporations have held the state hostage – threatening to leave the state and take their jobs with them if the state DIDN’T LET THEM DIRECTLY DEPOSIT THEIR EMPLOYEES STATE TAXES INTO THEIR CORPORATE ACCOUNT!!!

    Couldn’t have a THING to do with it, could it?

  • Fred762

    As Maggie Thatcher said so well, some years ago: “socialism works well, until you run OUT of other people’s money..” We saw (well a few saw) on the stage at the Dem-bate the other night..a buncha socialists telling the parasites that they would somehow give them more free sheiite stolen from the few working stiffs out here in flyover land. LOL Who IS John Galt?

  • packsack

    It called not to buy tickets from these cheaters?

  • Ronald

    Politicians have bankrupted every government that ever existed through out time.

  • rejco

    Yawn!

  • Jed Barnett

    they truly are sucking the life out of people . . . time for revolution

  • Phantom Power 48V

    It’s funny… since the state of ILLinois announced a few days ago that they wouldn’t be paying out on any winners over $600 I asked the local gas station if lotto sales had drastically dropped and surprisingly they said no that people were still buying as much as before. There’s a reason they call it the idiot tax.

  • Since aside from a small amount of dividends and interest payments and the fact I don’t have Social security my Illinois pension is my only source of income and since at 83 and not not too mobile finding a job is not very possible.

    • Phantom Power 48V

      I feel for you Gene… I know several family members and friends who are in the same situation. Chicago is going full on Detroit mode and unions are the main culprit (not the members but leadership)

      • I can’t knock my union because back in 92 we had a new department chairman who was new and he and the dean wanted to get rid of all the older members of the departmental so they began to harass us giving us a hard time ;during evaluations to where all the members whom came there with me and afterwards were feeling constant pressure. I had no respect for the guy and would fight back but finally I turned to the union and they got me a deal where I got to retire in two years earlier than I had planned but afterwards I was grateful because after I did retire in 94 I felt why was I so worried I can make it and a great weight had been lifted getting those guys off my back but since they did not collect SS from the paycheck I did not get it nor Medicare either so I was dependent on the State for both. Now I have a 7 k bill form the Mayo Clinic and the health plan has yet to pay for it and its over 3 moths now and I am worried the clinic will bill me. Now on top of that comes this.Everyone has seen this coming for years and they just did nothing. I pay all my bills and have never been in debt. Why can’t my government both state and national?; thanks for your concern

  • Americaislost

    Give a liberal a check book and this is what happens. They think they can just keep writing checks as long as there are blank checks left. You would think they would work the way we all do on our households. If we have money, we eat and pay our bills and if we do not have money, we either starve or get off our butts and earn more money.

  • mattshab

    In PA, since we don’t have a budget, business owners, such as myself are not paying our quarterly income taxes until they have a budget. You can’t be afraid of the politicians.

  • Jakob Stagg

    What can we expect from the crime and corruption capitol of the universe? Any of the money diverted to improve Rod Blagojevich’s prison experience?

  • BigMG

    One can blame Republican malfeasance in states where there is a strong Conservative presence.
    Let’s make some examples of Conservative States suffering from financial collapse!
    Like…
    Um…
    It’s guns! guns are doing it!
    And Bush…
    Almost forgot, the list:
    http://www.theblaze.com/stories/2012/11/27/republicans-lead-the-top-5-best-run-states-in-america-democrats-dominate-the-worst/

  • JCLincoln

    Da Govenment already git half da money. Buy they is greedy, they want it ALL. Fukushima da govenment.