-- 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.
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Why even have sessions with the additional costs they incur. Better yet get rid of them all and let Madigan make the decisions. At the end of the day what is the difference?
In some weird way it is probably better to pay them not to go into session. At least they can’t raise taxes. It’s like paying off a bully to leave you alone.
Agreed. The last time they were in session they: legalized abortion up until the moment of birth; legalized marijuana; forced my 4th grade children to receive LGBTQ sex education; raised taxes by nickel and diming us on fees; raised the gas tax; passed a billion dollar boondoogle of an infrastructure bill and passed a budget, during a pandemic special session, that had $0 in cuts, despite massive revenue declines.
This pure insanity.
I ma sure their paychecks got put intheir bank accounts.
Illinois tax payer money.
So where is the 70% paycut for IL legislators?
Amen ?
They deserve a 100% pay cut