-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
POB’s again? That’s the bad idea gift that just keeps on giving. How much does state owe already for past POB’s?
now that BGA/ IAP/Greising are pretty much entirely funded by the machine, is there any difference between BGA & CTBA? If your a public sec employee your obviously no longer blindly sending off your union dues to “Friends of Madigan” but maybe instead to “Friends of”– JB, Welch, Martwick, CTBA, & BGA? In any case, looks like Trib (and I assume all mainstream press outlets) has decided any mention of WP or IPI pension plan fix is somehow sacrilegious.
Changing the constitution for just the possibility of stealing from pensioners was always a fantasy. The votes just aren’t there that would enable this theft. Remember that over 60% of the republicans in the state senate supported the collective bargaining amendment last year. The only true reform is funding the pensions with actuarial payments. That means more taxes.
Even the Civic Committee has abandoned its call to change the constitution. Pay more taxes now or pay even more later. Less to do with sacrilegious and more to do with dealing in real possibilities.
IDK, a really bad recession and a 12% unemployment rate might give the the citizens riled up about a pension clause rescission amendment. Citizens paying higher taxes or living in Brandonviles, while the pensioners eat steak and drink fine wine, might be all the encouragement the citizenry needs. Doubtful a D legislator would ever propose that of course but one can dream.
The true dream of the union hating voter. Imagine hoping for the misery of a bad recession and 12% unemployment just for the possibility of stealing from pensioners. At least you realize it’s only a dream. Although the more accurate term is fantasy.
To think JB has accused people of being “spelunkers of misery”. Boy was he wrong.
With fed now $33 trillion in current debt, $2 trillion payments due in 24….the fed QE money printing that pumped up the stock market from 08 to now is over. What discount rate is ralphie proposing for his 80% funding ramp? Or does that matter to any public sec pensioner?
Never let a crisis go to waste!
Yup, your same responce as usual. The question I was trying to pose, now that BGA/Griesing is essentially a taxpayer funded entity. Is it a legitimate use of taxpayers $ to fund a news organization with taxpayer $ that espouses pubic sector union friendly points of view (CTBA)and seeks to discredit other views (wp & ipi) on pension reform/fix? If thats what BGA/Griesing is in fact doing?
No. Griesing is in fact pointing out realistic plans and not presenting fantasy plans that even the Chicago business community is no longer advocating. Advocating to fund pensions is not union friendly but rather taxpayer friendly. Pensioners are getting paid either way it’s just a question of paying more now or paying much more later. It benefits all taxpayers. BGA also publishes the salaries and pension amounts of public employees in the interest of transparency. What has he published that is so egregious in your mind other than your usual complaint about pensioners getting what is theirs? Also, curious as… Read more »