Pritzker calls for $700M in service cuts, silent on pension reform – Illinois Policy

Illinois spends more than any other state on pensions and only has about 40% of what it needs to meet its obligations. Illinois would either need to spend more than half of the state budget on pensions or raise taxes on the median income family by over $1,800 a year to eliminate its pension debt.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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