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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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Watched WTTW broadcast about Jane Byrne last week. Struck just how sleazy/corrupt/incompetent/self-serving Ill politics was then, and still is now 40 years later. No change–probably worse.
If Il politicians do not address (for real) public retirement pensions and medical benefits, and Illinois endemic political corruption, they have done nothing and all (dems and rep incumbents) should be voted out.
Also, putting that constitutional amendment on the ballot this year is a slap in the face of non-public union taxpayers. “Katy bar the door” re IL refugees to other states if it passes.
It is very difficult to overcome the narrative being promoted by the mainstream national liberal media. States like Illinois and New York, and to a lesser extent California, will spend like crazy and then wait for a Federal bailout now that they learned they can do it. There is apparently no need to worry about the national debt anymore. Live for today is the irresponsible motto of the progressives. They know that every decade or so the political fortunes will favor them and they’ll control enough of the Federal government to redistribute billions to blue state disasters like Illinois.
I’m shocked CT amplified a Wirepoints perspective. The polling data must be even worse for the machine than anyone admits! The temp in Hades just dropped by 15 degrees and the Dominion voting machines will again need their algorithms modified to continue the illusion of choice.
Keep swinging WP. Your voice is appreciated.
This excellent editorial lays out in not so many words exactly what Illinois needs to do. Unfortunately there is no incentive for Pritzker and his minions to change one bit. As long as there’s enough money to grease The Machine they will keep bleeding the state dry. All companies know it’s easier to hold onto the customers you already have than to try to get new ones. But those of us who have left are no longer buying what Illinois is selling, and we are never going to buy it again, ever. Once you leave and realize the grass is… Read more »
Care to share what state you are referring to? Sounds like Tennessee; please enlighten me. Thanks!
Western North Carolina. Wish we had TN’s great effectively zero income tax rate, but NC is lowering their rate down to 3.99% over the next few years. The key on property taxes down here is that they do not escalate every year like IL.