America Is Broke: Nothing Special About Illinois; Medicare Premiums Rise 50%

The adults are not in charge in the federal government, but adults have assumed power in Illinois. Problem is, when the adults takeover, they immediately stop spending money and deal with the deficits.

Bloomberg: Illinois Will Delay Pension Payment Because of Cash Shortage
Illinois will delay payments to its pension fund as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said.

The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into its fourth month with no signs of ending. Munger said her office will postpone a $560 million retirement-fund payment next month, and may make the December contribution late.

“This decision is choosing the least of a number of bad options,” Munger told reporters in Chicago on Wednesday. “For all intents and purposes, we are out of money now.”
Illinois can either "run out" of money now, due to a budget battle that faces the deficit problem, or it can continue on the same path until the market forces a solution. Illinois was in the worst shape until the budget battle, I would give them points for confronting the issue. If Illinois moves out of the pole position, California takes it, if only because the state is becoming Third World in its politics.

At the federal level, deflation means no raise in Social Security payouts: Government: No Benefit Hike for Social Security Next Year

Medicare premiums are going up though: Medicare Rates Set to Soar
That is creating uncertainty for many seniors on Medicare Part B, which covers outpatient care such as doctor’s visits. About 30% of the roughly 52 million people enrolled in Part B could see a 52% rise in those premiums if Congress and the Obama administration don’t find a way to freeze or reduce the increase.

No comments:

Post a Comment