-- 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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That’s an incomplete title.
Here’s the complete title.
The State of Illinois, Run by Democrats, is Killing My Family.
Which ignores that Republicans contributed to the problem but who cares about accuracy any more.
Illinois is so bad that a Jacobin writer chose to live in the deep red state of Alabama instead.
Here’s another news story about Rockford.
https://www.wifr.com/2021/08/24/rockford-ranks-ninth-worst-real-estate-market-small-city/
Absolutely no mention that property taxes are the driving force behind the foreclosures. How can anyone build equity when real estate taxes are higher than the mortgage and the taxes keep the property from increasing in value to keep up with other markets.
The whole country is going to look like Illinois in a few years. The politicians are all multi-millionaires; they don’t give a damn.
Nice article – hope the authors family is doing better.
In looking at the rogues gallery of corrupt Illinois Govs, I place most of the blame on that phony Republican Jim Edgar – he was in the best position to point Illinois in the right direction, and instead chose the expediant and joined in on the abuse and corruption for his personal gain. Pretty disgusting, even for most politicians.
Rockford school district just signed a new 4 year contract a few minutes ago. Here are the details. I think the increase is 59.4M not 594M. First year teacher will get a 35% increase over 4 years but small concession were made in health insurance costs.
https://www.rps205.com/205vibe/205-vibe-news/defult-post-page-clone-clone-clone/~board/news/post/rps-205-teachers-agree-to-4-year-contract
The entire contract is close to the bottom.
35% over 4 years who in the hell in the private sector gets that 8.75 % a year greed greed greed
There must be a mistake here or at least more to this story than we know so far, don’t you think?
Who the hell knows anymore America has turned into one giant shit show.
Seems a little confusing. It say first year teachers base will go from $41,365 to $56,104 in 4 years then also it says 20%. On the high end they get only get 7%. Good thing they will keep the levy flat. Nothing I recall was mentioned by the media about negotiations but I knew the previous 3 year contract was over earlier this year. Maybe the RRStar said something but I don’t get the paper. This is why I would like to see some transparency. Some details should be made public before contract is ratified. It is mostly paid for… Read more »