Wirepoints President Ted Dabrowski appeared on ABC 8 in the Quad Cities. The appearance comes just days after Moody’s double-notch credit downgrade of East Moline, putting the city’s credit rating two spots above junk. One reason cited for the change in credit rating was East Moline’s plan to issue pension obligation bonds. After the downgrade, Rock Island County decided to nix its plans to issue bonds to pay for its pensions.
Wirepoints Pieces:
What a representation of Chicago’s plight.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
Ted joined Jeff Daly to discuss how politicians can never spend enough on education despite there being no accountability for that spending, the growth of education staffing across Illinois, Mayor Brandon Johnson’s $1 billion demand for Chicago schools, why Gov. Pritzker is providing $830 million in taxpayer subsidies to struggling EV carmaker Rivian, and more.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Hurray for Wirepoints for getting on this plan early on. I think you had a lot to do with the city backing off.
Who cares just barrow on everything you can, the money is all fake, if you need more the fed will just print some up. So seriously who cares.
Moody’s considers pension obligation bonds to be a bigger credit risk than the unfunded pension liabilities (net pension liabilities). Once again, there are many reasons why a City may have a large unfunded pension liability. The state passed legislative pension benefit hikes, while pensions were already underfunded (state mandate to local government). The state passed collective bargaining legislation (state mandate to local government) which provided more negotiation power to public sector unions, used for instance to negotiate better salaries and benefits. Bigger salaries result in bigger employer pension contributions, while pensions were already underfunded, causing a larger unfunded liability. The… Read more »