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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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Arizona killed the pension rat — why can’t Illinois
https://wirepoints.org/claims-that-illinois-pension-reform-would-fail-at-federal-level-just-arent-true-the-case-of-arizona-wirepoints/
So they don’t know how compound interest works but are in charge of running the State? The intelligence of the Illinois voters that elect these people never ceases to amaze me.
The math is inexorable. Soon the evil criminal collusion between Illinois politicians and public sector unions will hit a wall of actuarial certainty. I wish them all of the poverty and suffering that these criminal co conspirators justly deserve.
I wish you high taxes and suffering. Enjoy paying those taxes while public pensioners enjoy great dinners on the town, weekend vacation homes, and all the boats and toys that go with it. You deserve paying more and more taxes for your hatred of teachers, firefighters and police. I’m having a glass of Opus One Cab in your honor TPG. Enjoy all your high tax suffering. Your deserve it. Hopefully you don’t lose your home. Hahahaha.
Sure, keep raising taxes so more people leave IL. Then you have to raise taxes some more because of the shrinking tax base and huge spending on illegals. And so on. Seems inevitable that there won’t be any more money to bleed out of taxpayers, if any remain. I’m enjoying the $20,000 a year I’ve saved by leaving IL. Could find your Opus OneCab, but don’t need to drink since my tax bills are so low.
My income taxes would skyrocket if I moved to South Carolina like you. Illinois doesn’t tax retirement income while South Carolina would increase my income taxes around 18k per year. Plus that number would dramatically increase when I’m forced to take my required minimum distributions. No thanks. Illinois doesn’t punish successful retirees like some states.
I have this vague sense that slings and arrows are headed your way. Maybe, I’ll be pleasantly surprised otherwise. Fingers crossed on that.
Best of luck sucker, it is going broke at an ever-increasing rate. Soon the checks will bounce. Take the lump sum payout and invest it wisely, do not buy bonds from Illinois.
You already know this, but to clarify: Cops and Firefighters deserve every cent of their pensions but the vermin of SEIU, IFT, AFSCME and CTU don’t deserve a single stolen cent. When the state and city financially collapse all pension money will be pooled into a common fund. The cops and firefighters will be made whole and the rest of the mob will be doled out equally with the remaining funds. FYI, it figures that you would drink something as bland as cabernet. You can’t escape that palate’s MD 2020 upbringing.
Are you going to be the judge making such decisions? Let me make a wild guess here. Now, after giving that weighty matter a nanosecond of anxious, sweaty consideration, no, I don’t think that’s the case. So, you might be better advised to put the brakes on your self-inflated thoughts otherwise, sport.
You already know this but just a reminder that your taxes will increase and pensions will continue to be paid first. Pension funds empty? No problem, pensioners will be paid out of the general fund. Not enough money for all the other spending? No worries, we will just raise taxes or cut services. It’s understandable that you don’t enjoy cabernets. If you can only afford to drink the cheap stuff you have no idea how good it actually tastes. Then again it could be all your salty tears falling into your drink thinking about all those taxes you will need… Read more »
PPFtard,
Your golden pension will soon be taxed as income in Taxstan.
Don’t let your salty tears ruin your Boone’s Farm!!
It is total unsustainable; the Federal Courts will be involved in the payout sooner rather than later. Services will get worse, much worse, taxes will get high, much higher. The brain drain exodus is going to increase at a increasing rate. The only thing left will be the poor and the rich government “Worker”.
Between pension payments and illegal immigrants (and all their needs) how much money will be left for basic services?
Will Rogers went broke gradually then suddenly!
The truth is like poetry…and most people hate poetry.
Agreed. The truth is that the pension debt will require more taxes as there is no other way around it. Pensioners will be paid first. While not poetry, most people hate the truth.
Well no spending could be cut for things like hosting the worlds populations that illegally immigrate to the USA but good luck with that. Yep, raise taxes it is.
Shocking!!
“The easiest thing for us as legislators to do is for us to promise something that we know we will not be able to fulfill,” Reick said. “That’s just as dangerous as not giving enough because sooner or later, the taxpayers of Illinois are going to vote with their feet.”