Illinois legislature overrides veto of bill to ease Chicago pension payments

[Eugene]

Source: Reuters

A bill to spread out Chicago's payments to its public safety workers' pension will become law after the Illinois House and Senate on Monday overrode the governor's veto.

Republican Governor Bruce Rauner's action on Friday touched off a war of words between him and Chicago Mayor Rahm Emanuel, who claimed the veto would lead to a $300 million property tax hike.

(Reporting By Karen Pierog)


Read more: http://www.reuters.com/article/us-chicago-pensions-idUSKCN0YL1ZT

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Politics | Mon May 30, 2016 6:57pm EDT

Short article. No more at link.

[mountain grammy]

1. Not much story here, but on it's face

I would be on the side against Rahm Emanuel.

[Chicago1980]

8. Which means you'd be on the side of the republican governor, Bruce Rauner.

He holds Scott Walker as a model for being governor.

You sure you want to be anti-Rahm on this one just to be anti Rahm?

[mountain grammy]

9. Well, OK.. I was going on the bare minimum

of a story.. with no other information, but you're right of course. Every time I see Rahm or hear him speak, I want to take a bath.

[apnu]

12. Rahm and Rauner have been pals in the past, but not this time.

Time will tell if they'll be cozy again, but for now this is one form of corruption up against another form or corruption.

[Itchinjim]

2. Good.

Fuck Rauner.

[former9thward]

7. This will mean Chicago will continue to underfund its pension payments.

I'm sure you are good with that.

[HereSince1628]

13. Yes, but also Screw ALL the f'ing politicians that didn't vest the pension funds

Yes, THOSE f'ing asshole politicians who made promises and didn't do much to fulfill them except kick the can down the road.

It's easy to blame Rauner he is despicable. NO DOUBT,

But these problems wouldn't even exist for awful solutions to be offered if "Leaders" had dealt with obligations that they took on.

[AKing]

3. A good wake-up sent to our bullying corporate vulture Gov that he needs to start negotiating...

http://chicago.suntimes.com/politics/senate-overrides-rauner-veto-of-police-and-fire-pension-bill/

[salib]

4. Sue me, but isn't it interesting that one of the darlings of the third way gets involved

Suddenly the legislature has a backbone.

F-ing predictable.

[Stuart G]

5. k and R..

Fuck Rauner

[keithbvadu2]

6. Where's the joy?

A tax hike, with either choice.
Short-changed pension funds with either choice.

Still needs more and more pension funds payments.
Short changing results in higher long term costs.

It ain't pretty either way.

Who gets credit for doing the best thing when there doesn't seem to really be one?

[alp227]

10. Article has been expanded. Excerpt:

Chicago will be able to spread out state-mandated higher payments to its police and fire pensions after the Illinois Legislature on Monday overrode the governor's veto of a bill that became entangled in a political impasse.

The Senate voted 39-19 and the House voted 72-43 to undo Republican Governor Bruce Rauner's veto on Friday that the city claimed would lead to a $300 million property tax hike.

The bill gives Chicago short-term budget relief but will add to the city's big pension funding gap.

The override bolsters Democrats, who control the legislature, as they battle with Rauner over state assistance for Chicago and its public school system, which is seeking state money for its teachers' pensions. The political impasse had left Illinois without a complete budget 11 months into fiscal 2016.

[Scuba]

11. The state of Illinois has exactly one financial problem: The lack of political will to ...

... tax those who have all the money.

[sulphurdunn]

14. Illinois has the 5th largest GDP (GSP) in the country,

behind only California, Texas, New York and Florida. There's plenty of money.

[truebrit71]

15. Good. Fuck Rauner.

Twice.

[Calista241]

16. So now Chicago is legally not funding their pension obligations. Awesome.

[Yo_Mama]

17. So the solution is to underfund the pension plan? Seems like a way of cutting pensions, de facto

I realize that in crises, such as the GR, legislatures/governments may be forced to extreme measures. But it is important that these measures be offset ASAP.