-- 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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Pension time bomb is going to kill all spending but pensions. Death to Illinois taxpayer.
Nope. JB just increased spending elsewhere. Almost $1 billion more towards education. Try to keep up. Lots of tax revenue collected and plenty more available.
Debtsor is right. The increased spending is sending a clear message. The spending priority is the march to Social Justice that the unions have been screaming for. The pensions are not a priority.
The pensioners, many of whom don’t even vote in Illinois, will soon become an impediment to the social spending they want. Detroit and Puerto Rico pensioners were not up against the power of social justice unions.
The courts? They will not rule against what their masters want. The left, as always, will devour its own.
The same courts with justices that also receive pensions? lol Detroit pensioners took a 5.5% cut. PR retirees still get their pension with even worse funding than Illinois. You keep hanging on to the idea that one day those rascally pensioners will get theirs. Ensure you shake your fist in triumph IF it ever happens. In the meantime, pensioners will receive at least 3% increases to their pensions each and every year. In 20 years that 120k pension will be paying out 217k per year. Oh no, what if they reduce it 5.5% like Detroit. That new pension will only… Read more »
Hear that noise? That’s the big Social Justice Express barreling down the tracks. Tier I pensioners are sitting in a limo directly in its path.
Stupid A$$, as you raise taxes more and more taxpayers leave. Soon the it will be like rush hour trying to out of Illinois. Home prices willl plummet and last people left will take a huge loss before they finally run out. Your thinking is wrecking Illinois for almost everyone that lives there.
Nearly $1 billion increase in education spending over pre-K, K-12, and higher ed. That’s a lot of money stolen from pensioners’ assets. Those evil taxpayers trying to steal from the saintly teachers again!