Day: November 10, 2015

Staged: A Particularly Dishonest ‘Town Hall’ Meeting on Budget With IL Rep. Robyn Gabel – WP Original

November 10, 2015 3 Comments

  By: Mark Glennon* Robyn Gabel (D-Evanston) is a member of the Illinois House, representing the 18th District in Chicago’s north suburbs. Monday evening I went to  what she had earlier described as a town hall meeting “to discuss the current State of Illinois budget impasse and my ongoing efforts to pass a balanced budget that protects our state’s most vulnerable individuals.” As the meeting started Gabel said she wanted the meeting to be “as interactive as possible.” An elderly man in front raised his hand and said he understood there was some good news about funding for child care

Read More »

Moody’s warns: City’s unfunded pension liabilities to grow for 10 years, maybe longer – Sun-Times

November 10, 2015 10 Comments

Here’s a simpler way of looking at it: Interest is effectively accruing on the $20B unfunded liability for the four city pensions at the rate of return they use –7.5% for some and 8% for another. So, interest alone (at 7.5%) is $1.5B/year. To that, you must add the “Normal Cost,” which is the additional liability accruing each year for work done that year. The city has been contributing about $500M/year and Rahm wants to put in another $600M/year. So, the unfunded liability will continue to grow. The can is still being kicked.

Read More »