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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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I’m starting to understand why the #MeToo movement occurred in the Democrat Party.
NO means NO!
Did the voters not speak three months ago?
Democrats are jut dumb!
So lets see will it be a lottery education gimmick again? Pass a new tax, devote it to the pensions then immediately stop all other funding to the pension programs. Viola! More money for the politicians to spend while the Illinois voters think its to fix the pension problem. What a win win…for the politicians.
If the Pigster wanted to make a statement he would take immediate steps to reduce the salary of every elected or appointed position in the state government by 20%. The whole “idea” was to get into public service to do exactly that, service to the public. It wasnt a place to become wealthy.
Folks expect new taxes to do new stuff, not to pay for stuff that’s already been done.
Let me get this straight billions are likely coming from Washington to the State in the next month. The State does not show a revenue decrease from pre-pandemic. JB’s proposed budget closes “loopholes” raising around $1Bn and cuts the LGDF. A recovery is coming later this year or next year once Covid is in the rearview further bolstering the States coffers. Yet two months after the proposal was resoundingly defeated it’s being floated again because we need MORE. Always MORE. How tone deaf and desperate are these pols in springfield? They do know the State is bigger than Chicago right?… Read more »
At least we know Welch isn’t a political genius. Hey I’ve got an idea, let’s tell the voters that didn’t trust Springfield politicians with more tax revenue 3 months ago that this time you can trust us because we will use the money for pensions that we didn’t pay correctly the first time. Shouting out random ideas will not make him an effective speaker.
That’s pretty funny! Really what happened is he probably wet his pants after looking at the books as speaker, and with few palatable options remaining, he has no choice but to push the same old graduated income tax grift again.
They’re going to tell the voters that 97% of them are going to get a tax cut to fund pensions