-- 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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Not to worry. Bailey said he will save us 10-15 billion out of our budget. He can take 6 billion of that and start making actuarial contributions to pensions instead of just statutory ones. That would still leave 4-9 billion for property tax relief. All Bailey needs to do is identify these cuts. I’m sure he will have no problem. lol
We’ve identified the cuts. Eliminate 1 in every 5 state government jobs and it’s easy peasy. Things barely work in IL as it is. it’s not like anyone would notice the difference. Heck you could cut 90% of the AG’s office and no one in the state would notice. The AG wastes taxpayer money trying to get the ERA constitutional amendment from 1980 passed.
I would support that. Unfortunately that wouldn’t save anywhere near that amount of money. He also hasn’t/wouldn’t recommend that. He is short on any details of his cuts but I’m sure they are there somewhere. Just like Rauner’s cuts. lol