TKC BREAKING NEWS!!! PUBLIC PENSION REFORM DEMANDED AS CORONAVIRUS BUSTS BUDGET AND PUSHES KANSAS CITY CLOSER TO BANKRUPTCY!!!
Kansas City is closer to bankruptcy than at any other time in modern political history.
At the very least, impending financial doom for this cowtown is the consensus in Jeff City as Missouri contemplates $700-MILLION worth of budget cuts to pay for coronavirus expenses.
And so, given that austerity is now openly touted by the Missouri Republican SUPER-MAJORITY as a cure for pandemic harsh times . . . Here's a fact of life under discussion but unmentioned by local media . . .
THE MISSOURI GOP IS MORE THAN HAPPY TO WATCH KANSAS CITY GO BANKRUPT AS CORONAVIRUS KILLS LOCAL REVENUE!!!
Real talk . . .
Despite promises, maybe a few press conferences and unwatchable fake pleasantries . . . Make no mistake that the Republican denizens of Jeff City eagerly await the financial demise of KCMO and will do as little as possible to help this Democratic Party enclave. The political reality is brutally simple -- Their hearts are hardened toward this town and shaming them in the local media or shedding crocodile tears on some lame cable news show won't help.
Is there a way out of this nightmare?
Probably not.
Kansas City's impending bankruptcy is now only a matter of time and what's worse is that leaders at 12th & Oak don't seem to understand their predicament as corporate giveaways and spending on frivolous Bike/Walk initiatives persist.
The only glimmer of hope to win a minor bit of consideration from the GOP hegemony in Jeff City is the prospect of public pension reform. Conservatives have wanted to end this municipal tradition for decades and this could be their best chance to force accommodation. The trouble here is that any KCMO politico who votes to cut, reform or slightly alter city hall pensions better plan to sleep in Jeff City and never set foot inside the loop again. Day or night. KCFD, city hall workers and so many civil servants protect their pensions with near religious conviction. City Hall pensions are Kansas City's only real sacred cow.
And so, this impasse and several similar debates on the e-tax, developer subsidy and even the pavement on the street have put this town on a seemingly inevitable road to bankruptcy as only the faraway hope of a vaccine, return of economic good times and shift in the Heartland political climate offer a path to financial redemption.
Check the links:
Axios: Budget desperation deepens for local governments
OC Register: Pensions leave cities with bankruptcy as their life raft
Time: 'There Are Going to Be Layoffs.' State and Local Governments Brace for Cuts as Budget Crisis Looms
MM: While public workers are being celebrated, the right still wants to slash away at vital services
Hill: Fed expands emergency coronavirus loans to smaller cities, counties after criticism
Barron's The Coronavirus Crisis Is Starting to Hit Muni Bonds. Why That Matters.
CNN: Layoffs and spending cuts loom as coronavirus wallops state and city budgets
Developing . . .
Far too pessimistic TKC! Maybe offering them a few comps at the new Convention Hotel could help to change their minds. Drink coupons at the P&L district could also be arranged. This city sells itself and I hear our ladies won't cough nearly as loud as the St. Louis tramps.
ReplyDelete^^^ Ouch.
DeleteKC's bankruptcy was assured as soon as we started it was a good idea to pay for luxury housing parking spaces. Millions of dollars over the past few years were more than KC could have ever afforded.
ReplyDelete^^^ +1
DeleteThe party was fun while it lasted. Glad I got to see the Chiefs win a Super Bowl. I think that was the last fun time KC will have for many years.
KC needs to figure out that money is not unlimited. This financial crisis has been years in the making, spurred by wild, needless spending for "good things" that are not necessary and a shrinkage of the commercial activity in the city. Now it is in a death spiral. It cannot provide basic services, so more population and businesses move, then it has less revenue, and the unbroken circle continues. Yes, the pension problem is looming, but it is the cherry on top.
ReplyDeleteWHY ARE ALL THE CITIES AND STATES THAT ARE GOING BANKRUPT LIBERAL DEMOCRAT RUN GHETTOS
ReplyDeleteIM SURE ITS ALL TRUMPS FAULT
ReplyDeleteIF YOUR ON A PENSION ANDYOUR ABOUT TO LOSE IT THEN BLAME IT ON THE DEMOCRATS FOR OPEN BOARDERS GLOBALIZATION AND SPENDING
ReplyDeleteit's a joke to blame Jeff City Republicans for the financial mismanagement by Kansas City Democrats. Local Dems are always
ReplyDeletegiving away freebies like free bus service OR sweetheart tax deals
to their campaign donors.
THE FIRE D PENSION IS IN GOOD SHAPE CAUSE A BUNCH OF CITY DEMOCRAT CRIMINALS ARENT RUNNING IT ALTHOUGH THEYVE TRIED
ReplyDeletePENSIONS AND 401 s ARE A GOOD THING IF LIBERAL DEMS ARENT STEALING FROM IT
ReplyDeleteBLAMING THE REPUBLICANS FOR KILLA SHITTY GOIN BUNKRUPT IS LIKE BLAMING A CATTLE FARMER FOR OUTBACK COOKING YOUR STEAK WRONG
ReplyDeleteKILLA CITY IS A EAST COAST COMMY LIBERAL DUMP
ReplyDeleteTHANKS TO THE LIBERALS AND GLOBALIZATION THIS PANDEMIC WILL KILL AGAIN AND NEXT TIME IT WILL BE WORSE
ReplyDeleteWHEN BROBAMA GOT IN THERE OUR NATIONAL DEBT WAS 10 TRILLION AFTER 8 YEARS OF HIS SPENDING PUTTING EVERYONE ON WELFARE AND GIVING USA MONEY ALL OF HIS MUSLIM FRIENDS WE HAD 21 TRILLION OF DEBT
ReplyDeleteGOOD JOB BROBAMA AND QUID PRO JOE
ReplyDeleteThe pension crisis has been brewing for years and ignored. Politicians cannot see past the next election so there is never a reason to take a long term view. It's probably too late now since the pensions have already been earned. They could stop the bleeding by freezing them now but that would likely result in the KCPD and KCFD going on strike.
ReplyDeleteIf you don't know the difference between boarders and borders, you're too fucking dumb to comment on any of this...looking at you 7:59, you dumb fucking twat.
ReplyDeleteYeah, this is all Obama's fault. Never change, you Trumper fucking morons, never change.
Thank God you chuds are here and not out in the real world where you could do some real damage.
ReplyDeleteActuaries over-estimate the investment rate of return and under-estimate life expectancy and benefits to be paid. Bad combination.
ReplyDeleteA pension plan cannot sustain itself when government workers can retire at age 52 and draw $60,000 a year for the next 30 years. A minimum start date of age 62 should be placed in the plan for when withdrawals can begin.
The City should grandfather the existing plan and all new hires go on a 403b plan. Hundreds of millions would be saved for taxpayers and the City of Kansas City.
8:59, it is not actuaries who set the anticipated rate of return, it's politicians, or their flunkies. The higher the anticipated rate, the less dire the situation looks and the less need for immediate contributions. By the time the shit hits the fan, the politician has moved on to higher office or a sweet gummint post. They are never held accountable for the messes they create and leave behind.
ReplyDeleteThe handwriting has been on the wall for years.
ReplyDeleteKCMO has a very long history of fiscal mismanagement and incompetent leadership which focuses on short-term whatever feels good decision-making.
Disastrous corporate giveaways and backstops which leave the city (taxpayer) holding the bag for purposely over-optimistic developers.
And while Mayor, Council, board members are selling their soul for relatively small dollar donations or perks, they're openly antagonistic to Jefferson City/D.C. interests that could help save their bacon in the future.
Sly James was the poster child for political dysfunction. A needy, ego-driven narcissist who can't properly manage his personal life or waistline is entrusted to lead the city. He attempts to lead by bullying, whores himself to Burns and McDonnell and various developers, falsely believes that what makes KC livable and desirable should be radically changed, purposely pokes his finger in the eyes of Jefferson City/D.C., fails to reform that which is bleeding KC dry, all while singing and dancing on the tarmac of dysfunction. He was oh so desperately hoping to get to D.C. with a Clinton Administration.
Which KCMO public servants (as a group) get the absolute sweetest deal? (I'm not talking about the relatively small number of highly-paid administrators who lead various departments) The answer is PUBLIC SAFETY, of course. FIRE and POLICE. From a pure greed standpoint, why would anyone want to work in any other city department? Graduate from high school and get hired with KCFD/KCPD, don't be a fuck-up, and you'll make out like a bandit. City leaders are completely incapable of reining in these autonomous departments, which call their own shots, get guaranteed budget increases, and are accountable only to themselves.
Based upon the City's actuarial reports for year-end 2018 for the police and fire pension funds only, the City's underfunded pension liability currently exceeds $600 million ($256 million Fire, $336 million Police). The same information for the remaining KCMO employees's pension fund is not available on-line, but based on prior years reports is in the same ranges.
ReplyDeleteThat's hole that will never be filled and employees and families counting on those pensions will be left high and dry.
I think courts have ruled the pension benefits have to be paid. Taxpayers will be on the hook for the underfunding of the plans.
DeleteIf the City goes bankrupt are the pension plans impacted or are they protected.
Delete@9:14am summarizes the situation perfectly.
ReplyDeleteThere's not enough money in the world to overcome the incompetence, upside-down priorities, poor decisions, endless "developer" subsidies, funding for fake ineffectual nonprofits, hundreds of millions thrown away after being intimidated by east-side "leaders",and even breathtaking nonsense like a $1 million arts fiasco that KCMO electeds have engaged in for decades.
Why should taxpayers throughout Missouri pay to save these clowns?
It's like bailing out a Third World country whose former dictator now lives in one of his chateaus in the south of France.
The turkeys have come home to roost.
841 is worried about spelling while his country is going down the tubes
ReplyDelete841 IS A WELFARE RECIPIENT THAT IS BITCH HURT ABOUT HIS LOSS OF HOTPOCKETS TANG AND ANAL SEX BUT BLAMES IT ON JEFF CITY WHAT A LIBERAL CUNT
ReplyDeleteSAY BYE BYE TO YOUR WELFARE CUNTS
ReplyDeleteWHY DOES BILL COSBY GO TO JAIL BUT THE COMMY BILL AND QUID PRO QUOJOE DOESNT?
ReplyDeleteDURHAM REPORT IS COMING AND THE CRIMINAL DEMMUNIST PARTY WILL BE DONE!
ReplyDelete859 needs to learn that a lot of firemen die early so they don’t collect as long also KCfd pension is separate and well funded because it is run by a board instead of a bunch of crook liberals
ReplyDeleteKILLA CITY CANT EVEN GET ANYONE TO APPLY FOR THESE IMPORTANT JOBS SUCH AS FIRE AND POLICE TAKE AWAY BENEFITS AND SEE WHAT HAPPENS
ReplyDeleteCommies ruined KC like they do everything. They live in a world of theory, not hard facts and uncomfortable truths.
ReplyDeleteThe answer to 9:37's question is that that if KCMO declares bankruptcy, a court-appointed trustee will develop a plan for how the net assets will be divided among the many claimants. There are no guarantees and no special protections. Such a bankruptcy would likely spawn collateral litigation attempting to hold those officials and others who left the City in this mess responsible.
ReplyDeleteMayor Q is expecting a bailout from the feds. No such bailout exists. Jackson County is out for Jackson County; don't expect Jackson County to address the fiscal woes of Kansas City MO. Considering the extreme actions of other local governments the lack of action on the part of KC MO is criminal. Endless other cities have furloughed employees part time for the entire year, as an example. Mayor Q increased the budget. He talks about better times in 2-3 months. No such better times in 2-3 years. The recovery will be long and painful.
ReplyDeleteFact: The top-ten American cities for homelessness are sanctuary cities, which offer refuge to illegal immigrants, do not cooperate with federal law enforcement, and raise the price of low-rent housing for their citizens. In this group are Los Angeles (55,000 homeless), Seattle (12,000), San Diego (9,000), San Jose (7,000), San Francisco (6,000), and Las Vegas (6,000).
ReplyDeleteBigger discoveries were made. Of the “most dangerous cities” in America, all have Democratic mayors. Those cities are Detroit, St. Louis, Oakland, Memphis, Birmingham, Atlanta, Baltimore, Stockton, Cleveland and Buffalo, Chicago, San Francisco and Kansas City Mo. Most are Democrat-led and all but one have poverty rates between 18 to 39 percent. The national average is 12.3 percent. Add to that unemployment running between 4.4 and 9.3 percent. The national average is 3.7 percent.
These Democrat mayors are leading cities deep in poverty, poor spending of the tax base, infrastructure failing, employers handed tax relief right and left if not out and out huge sums of money, to attract corporate investment. They lead the nation in murder, manslaughter, robbery and aggravated assault.
Trump isn't the problem it's those members in congress and the senate, state governors and Mayors of all the large and small tows across the country. Term limits are needed now and only people who have been a bonafide resident of the country for 25 years are eligible to be elected to any office in this country.
Look at the party running the political offices of the metro area and the answer is clear what the issue is and how Kansas City and surrounding towns are having the problems they do.
But they have diversity damnit!!
DeleteGive a government official $1 million and they will spend $2 million.
ReplyDeleteGood Lord! The 1st Bonespur Division keyboard warriors (also known as the Deplorables) are bustin' their hump on TKC! Solid works, boys. Take a break and huff some Lysol. We need your minds clear and focused as Trump continues to hide from the Media.
ReplyDeleteOnly six more months until we vote to LOCK HIM UP!
TARA READE
Deletebankruptcy?
ReplyDeleteNot until the bond market won't loan us money anymore.
It would be cool to cap pension payments at $25,000 per year so I can hear union dipshits squeal in their fake pain.
Right now, the Federal Reserve is the municipal bond market.
ReplyDeleteDiddling Don drop the charade. Haters are losers pretending to be winners. You'll never ever win anything in your life. Like Byron you hate anything Trump all because he beat Hillary and you fools can't be man enough to admit your candidate lost. Instead you resort to slander, the apparent working tool of the media and democratic lovers.
ReplyDeleteLooks like Biden is the one who has been doing the diddling of late and who you should be attacking. Oops I'm sorry, Biden is a democrat and your Hillary replacement so you'll never speak ill of him.
myself,and many tonyskansascity readers stated this year's ago. The Politicians should read the comments section. And they will know what the future will hold .The City will have little tourist revenue And many will spend in smaller Missouri Towns .LIKE THE READER'S STATED THE PARTY IS OVER.
ReplyDelete^^^ what’s funny is the dems top two picks turn out to be the biggest crooks and sex offenders the country has evar seen. Lyin crooked Hilly/rapey billy and crooked sex offender basement joe.
ReplyDeleteBy the way, neither of these two can be found right now.
So, black people, Stupor Dave. It's black people, isn't it?
ReplyDeleteThe Democrats hate President Trump so much, they will destroy the country to defeat him.
ReplyDeleteWhat would the POLAR BEAR say about this in such a time? I miss that poster...
ReplyDelete^^He's sucking cock in hell right now. just like chuck.
ReplyDelete12:56 you're such a racists asshole. I also bet you're a Nazi. No one word was said about black people only from you. Stop with the Super Dave, hate it makes you look like e total loser.
ReplyDeleteNazis shut down free speech
Nazis confiscated guns
Nazis were socialists
Nazis controlled the media
Nazis blamed the ones they persecuted.
Nazis were pro-abortion
Nazis destroyed statues
Nazis rewrote history
Nazis used violent intimidation
The Nazis are back, AKA The Democratic Party
I support bankruptcy for $300, Stuart.
ReplyDeleteIt must irritate he piss out of "CAPTAIN CAPSLOCK" to be completely ignored, ad I don't want his entire day ruined so...
ReplyDeleteHI,CAPTAIN, NOW STFU!
Urban Dictionary: Killa City
ReplyDelete[Search domain www.urbandictionary.com/define.php?term=Killa City] https://www.urbandictionary.com/define.php?term=Killa City
Kansas City Missouri or Killa City Misery known for being the most violent city in america (not the most murders)but for most rapes and attacks and shootings "youll get shot but we aint got any target practice so youll live!"people get shot every day but there alive"