-- 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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Does anybody think the politicians in Illinois are not going to fight this tooth and nail? Give up the power, give up the benefits of having the power, give up cushy high paying jobs in school districts? Giving up making their relatives and friends wealthy? Never.
How convenient that the bill didn’t make it out of committee by the March 26th deadline huh, but every bill for POC sure in the hell made it and we’re signed by Pritzker, some things will never ever change in Springfield only way is if people start taking matters into their own hands.
The problem with the state is Democrats. I’m convinced a statewide Republican takeover could fix a lot of these problems as long as they don’t get corrupted. R’s took over Wi during the teaparty era and turned it around completely and people love it. Gov. Walker had the election stolen from him late at night with the slimmest number of ballot drops out of Milwaukee. But the supreme court and Legislature is solidly R, and the thieving D govenor up there is basically a cuck with no power. That’s our problem, getting rid of jag bag doesn’t fix the legislature… Read more »
There are no R’s that have a backbone in Illinois
You’re right. It’s not like all the state’s financial problems would be solved with republicans in control. The republicans know they would all be voted out of office if they took the strong measures to get the state to fiscal soundness. Illinois needs to fail on debt or pension payments and then the federal courts will get involved and the long and painful reckoning will begin. Hell, the republicans help contribute to the states problems with the Edgar ramp and Thompson’s automatic 3% increase in pension benefits every year.