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Recent Comments

UrKidsWillPay - Fast food workers vow civil disobedience - Quincy, IL News - QuincyJournal.com
This comment was originally posted under PJohF and now it is under pull this leg. Looks like someone has an alter ego or two that they can use to make it look like people are agreeing with them.
1950Brutus - Illlinois Dem leaders urge minimum wage hike - Quincy, IL News - QuincyJournal.com
40 hours times $8.25 is $330.00. Where does the $77.00 come from ?? Oh YES - this is the net AFTER TAXES are taken out.
UrKidsWillPay - Fast food workers vow civil disobedience - Quincy, IL News - QuincyJournal.com
"The CPI market basket represents all the consumer goods and services purchased by urban households. Price data are collected for over 180 categories, which BLS has grouped into 8 major groups. These major groups, with examples of categories in each, are as follows: • Food and beverages (ham, eggs, carbonated drinks, coffee, meals and snacks); • Housing (rent of primary residence, fuel oil, bedroom…
UrKidsWillPay - Fast food workers vow civil disobedience - Quincy, IL News - QuincyJournal.com
What do you mean it would be $8.00 now not accounting for higher cost of living. The governments own website http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=.75&... shows that .75 in 1947 would have the equivalent buying power as $8.02 today. That DOES take into account higher costs of living. ITS…
migraine_in_qcy - Fast food workers vow civil disobedience - Quincy, IL News - QuincyJournal.com
It was a dumb idea when it was passed in 1947, and it's a dumb idea today.

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Report: 5 state pension funds owed $100.5B

6 months, 2 weeks ago sj-r.com

Debt would have been lower if computation method hadn't been changed

From sj-r.com:
Illinois’ pension debt has officially topped $100 billion, according to a new report issued Wednesday.
And in a bit of irony, the debt would have been lower if lawmakers hadn’t decided in 2009 to change the way it’s computed — in order to lessen the effects of stock market losses.
The report from Auditor General William Holland’s office shows the unfunded liability of the five state-funded pension systems was $100.5 billion as of June 30, the end of the state’s fiscal year. That’s an increase of $5.9 billion from the previous year.
However, that’s the deficit as computed using a process called “asset smoothing” in which investment gains or losses are spread over a five-year period. That approach was adopted by the General Assembly in 2009 at a time when the recession was devastating investment income for the systems. The first time the smoothing system was used, it resulted in the pension deficit being $15 billion lower than it would have been otherwise.
In the latest report, the pension deficit would have increased only about $668 million, to $97.5 billion, had the smoothing method not been used. That’s a reflection of the significant gains in the stock market in the past year.
“The smoothing is intended to even out the extremes,” said Rep. Elaine Nekritz of Northbrook, the House Democrats’ point person on pensions.
Although some may be tempted to have the state return to the old system, Nekritz said that would be a mistake.
“To really be successful at that, we would have to be anticipating the market and I don’t think that’s a task we should be pursuing,” Nekritz said. “Asset smoothing is used by a fair number of pension systems around the country, so it’s not like Illinois is unusual in adopting that method.”
The numbers reflect the pension debt before lawmakers approved a pension reform plan.

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