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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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Yep Kerry Miller in southwestern Illinois was into this. He denied many petitions for tax relief while at the same time was being awarded lower valuations using multiple as a supposed disabled!!!
This is no different than somebody getting to keep their 401k account if they were convicted of a felony. Committing a crime doesn’t necessarily result in confiscation of assets. It’s the pensioners money plain and simple. If the crime they committed wasn’t in the capacity of their job, it’s their money.
You lose social security benefits when you are jailed for a crime and they’re not automatically restored once you get out of prison.
You have no contractual rights to social security. Not so for pensions and other assets. Future social security payments are not guaranteed for anyone. No different than other forms of welfare. You pay a SS tax but are not entitled to received those payments if congress desires.
The overly generous pension system is nothing but a Ponzi scheme. The courts should declare it an illegal Ponzi scheme and disband it.
Largest generation theft in the history of the World. Stealing from unborn children, is what cops, teachers, and firemen are doing.
Nope. It’s been declared a valid contract that can not be diminished or impaired. They have declared that tax increases are more reasonable than any benefit cuts. The state needs to do the right thing and raise taxes. The Chicago Civic Committee has laid out a plan and shown all of us that it can be done. Time to raise taxes and support a balanced budget.
That can be changed and will be changed. All the money in the world is not enough to pay for the PENSION TIME BOMB going off. Raise taxes and lose revenue as taxpayers move out of state in larger numbers. The high incomes flee at the highest rates. The state is flat A$$ broke, not the change of a nickel. You can not get blood from a stone.
Nope. Even if you change the constitution, it’s still a valid contract. As the CCC pointed out, just a little bit of taxes can cover the pension funding. Saving a little bit on taxes is no reason to invalidate a contract. “Moreover, the United States Supreme Court has held that particular scrutiny of legislative action is warranted when, as here, a state seeks to impair a contract to which it is itself a party and its interest in avoiding the contract or changing its terms is financial. Committing to a contract does implicate the state’s sovereign power, but:“[w]hatever the propriety of… Read more »
What are the “little bit of taxes”? What form will they take and who will pay them? And can the pols be trusted to use additional revenue to pay down pension liabilities. Their track record has been horrible, Specifics matter.
Please read the Civic Committee of the Commercial Club of Chicago for details. These business leaders are showing exactly where more money from tax revenue can be raised. Their plan is 0.5% temporary personal income tax and 0.7% temporary corporate income tax along with taxing services.
They are all corrupt. Cops, teachers, and firemen all spike their pensions at the end to put the royal screwing on the taxpayers. The Pension time Bomb is exploding and will destroy Illinois for sure. Overley generous pensions are unsustainable, no way in hell can the remaining taxpayers afford them.
Typical CIG (corrupt; incompetent; greedy) IL political disgrace. No material anti-corruption action(s) by Kwame that I am aware, and it seems like the only major press about him is when he signs on to class action suits where I assume all the material work has been done by another state AG. Once again. IL politicians continue, and have for decades, perform at the bottom of almost all key measures, including IL and Chicago having among the worst fiscal condition in the country. l…o..o..t..i..n..g? (by many here?)….why are we 51st (behind Puerto Rico) in fiscal condition, when we have all these… Read more »