-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Pritzker you are a total failure, you have failed the seniors in this state. You should be held accountable and tried for your actions, you, and only you, caused are seniors to be neglected in this time of crisis.
Maybe he is thinking “Gee, if we ruin our economy enough and blamed the virus, then we can convince all of our dumb citizens to ‘come together’ and pitch in on huge tax increases!”
There’s no question the democrats are trying to destroy the economy
Pritzker is running blind – there is NO plan!
The other day Jabba said he had a plan. He will reopen the economy when the curve is flattened, we have readily available PPE, there is adequate treatments to cure the disease and testing and contact tracing is everywhere. It’s a plan alright, and in theory, it sounds great, makes for a good soundbite. But in reality, that’s no plan at all, because nowhere in the world has all of these conditions met. Which is his way of saying that he never has to reopen the economy. And in November, he can continue to expect everyone with their hand out… Read more »
A State Senator just filed a lawsuit against the Governor saying the extension is against the Illinois Constitution without Illinois Legislative approval – https://www.facebook.com/BaileyforIllinois/videos/327397064900784/?vh=e&d=n Can anyone confirm and point to the section in the Illinois Constitution that confirms this? I’d like to ask why my representative is sitting on the sidelines.
He’s probably referring to the 30-day restriction on an emergency order in 20 ILCS 3305/7.
just now on the President’s news conference, they said the virus doesn’t survive very long (less than a minute) outside. We should be out on the lake, out and about. Masks make no difference outside-but inside they will assuming someone has the virus.
That’s it JB turn the screws on the Cook county and Chicago budgets! They were bloated anyway, good work shrinking government!
Fed up yet, serfs?
Someone from Center Square asked a question at the press conference if the $261M in raises for union workers will still be implemented considering how many people are unemployed . JB said they worked for four years and without a raise and its a contract. Any one have a Bic lighter or a shredder? Also a question was asked about bankruptcy and he said the costs involved would raise the interest rates and no one would want to do business with Illinois. If you filed once you may file again.
Similar arguments were made with respect to municipal bankruptcy and they turned out to be false. The real issue for Illinois is that without bankruptcy its debt may grow so large that it can’t obtain further debt and becomes insolvent. That happened to Arkansas in 1933 and it wasn’t pretty.
We are in the second great depression and we will tell our great grandchildren stories about these times. Historians will remember this period as an irrational exuberance and debt bubble that popped quite spectacularly one week in March when states started shutting down. I am in the upper middle class, and I have no intention of spending any money on anything other than food, utilities, housing, streaming services, and crap for around the house. My cash is going to have to last a while, and it will, hopefully, as long as I pinch them pennies so tight that I get… Read more »
Fed up yet, serfs? I can answer that! In aug 2018 we had it,it was so clear that the rich DEM was going to win,the chicago dems needed some one to destroy illinois so full blown communism can take root. We left for a real american state,and our lives are so stress free compared to a commey blue state like the burning dumpster fire illinois is.High tax,God haters.gun haters,They will suck every dime out of your home value.The leader of the dem party said last year IF YOU ARE NOT FOR CHILD KILLING, YOU CAN NOT BE A DEMOCRAT. How… Read more »
The bigger question: How can the state keep asking for more federal bailout money if they can afford to pay out raises?
AFSCME 31 members received a $2,500 stipend to cover the four years they went without a contract under Rauner, That matter has been already settled. Under the new AFSCME contract, they just got a 1.5% raise in January. The raise in July is supposed to be 2.1%. The state could always claw back those raises with a furlough.