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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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Then how about for every $1 I put into my 401k, the state let’s me deduct $1.40 from my taxable income?
The legislature is never going to do anything about pensions. Make up the difference between pension and non-pension accounts upfront. No constitution preventing that.
The state needs all the tax dollars it can get its hands on so it can’t currently afford it. Maybe if the voters agree to a progressive tax along with some taxes on service we can swing that. No promises though.
It can’t afford equity?
You have equity. Everyone pays the same flat tax. If you want a public pension then you’ll need to be a public employee. Everyone has that opportunity.
Do we really all have the same opportunity? Isn’t Chicago and IL the land of the nobody nobody sent? True story, I once applied for a government summer job with the City of Chicago. I saw the job was posted online that day, so emailed my application. Twenty minutes later I got an email back saying the job had been filled already. I wrote back and said, wait, this job was just posted 20 minutes ago. How can it be filled? The employee wrote back – the job has been filled already even though it was posted only 20 minutes… Read more »
That never happens in the private sector. lol. Well at least we know now why you have a hatred for the public sector.
Did you quit after one attempt? You need to develop more grit and make a plan so that you can get that next summer job.
Keep trying. You can do it.
Never happens in the private sector…. https://www.msn.com/en-us/news/us/poll-shows-hiring-managers-discriminating-against-white-men/ar-AA140NXv Poll shows hiring managers discriminating against white men It must be all that white privilege going around the country, but a recent survey showed that 1 in 6 hiring managers was asked not to hire white males. That’s the discriminatory behavior implemented in companies throughout the country, according to data from ResumeBuilder. It’s obviously discriminatory and violates federal laws, including Title VI of the Civil Rights Act of 1964. However, such a report won’t receive widespread media scrutiny or the attention of politicians because, well, it is white males who are being discriminated… Read more »
Everyone paying the same flat tax is equality.
A progressive tax is equity.
Equity is always in the eye of the beholder…
It’s a fun exercise, isn’t it? I ask the state to do what’s in their power to provide retirement equity and there is immediate pushback. It’s fun because it shows where their values truly lie.
Progressive tax is punitive. Do well and we’ll sock it to ya!
One of the more accurate statements from IPI. IPI needs to remember that they were promised a pension with 3% compounding so any changes from that violates the contract.
As IPI notes, it’s not the public employees fault and they deserve to be paid.
The greedy government employees (PPF) have sold more real estate in Florida than anyone else. Voting with your feet is the only way out of this Pension Time Bomb. Greed has destroyed the quality of life for the honest working family.
They were promised 3% simple if that started working prior to 1990.
My contention with the pension clause has always been the no takebacks on things that were never negotiated. Pensioners never contributed more or gave up anything for the numerous COLA increases. While it might have made sense for some retirees to move to compounded, it certainly wasn’t required for everyone every year.
That move by the legislature wasn’t the best. Passing spending bills without the full known costs isn’t smart. That change was passed in the Senate 41-12 and in the House 108-4. It was then signed by Thompson. I wonder how many voters re-elected the same people, essentially approving of the move. Getting what we deserve. It doesn’t matter if they offered it before their starting date, while they were working or while they were retired. The legislature knew full well that once you enhance a pension it can’t be reduced. Yet they did it anyway. As the IPI stated, it’s… Read more »
Life is unfair. CUT THE PENSIONS!
Life IS unfair. RAISE YOUR TAXES!
If you figure in the fact, they do not pay State Income tax on the money it is much more.
The poor honest working taxpayer and their families are being screwed over big time by the government lackies.