-- 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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Yet there’s plenty of money to pay for the ‘math is racist’ teacher at U of I and the freak shows at Northeastern, and all of the other jokes of academics throughout the state.
So now its the deferred maintenance at the Universities that is the problem of the day. What will it be tomorrow? In my downstate burgs State University one can see the lack of maintenance but at the same time there is funding for a new building and of course expensive spending for planning even more new buildings. Illinois just can’t seem to face the facts that the student populations are declining in many of the Universities thus new buildings are not needed and the funding should go to fix what we have. My guess is the building trades unions however… Read more »
That’s because two decades ago, the state contributed only $250 million to the state university retirement system. Last year, the state contributed $2.2 billion. Even after adjusting for inflation, that’s a fivefold increase.
They complain when you fund the pension system. They complain when you don’t fund the pension system. I wish they’d pick a lane.
That’s true Nixit. It’s also true for many commenters on this site that want a balanced budget. They complain that the state doesn’t actuarially fund pensions and complain when tax increases are suggested to finally properly fund those pensions. It would be nice if they would pick a lane.